Tesla’s Elon Musk gives crypto security tips while blasting a digital asset wallet that doesn’t provide private keys to its customers.
Elon Musk, the latest billionaire to purchase BTC for his company Tesla, openly criticized a cryptocurrency wallet called the Freewallet app. Musk urged digital asset investors to stay away from wallets that do not provide them with private keys.
Elon Musk’s security tip for crypto investors
Probably the most known and used phrase in the field of cryptocurrency is “If you don’t have keys, you don’t have crypto coins.” This expression refers to the unique way digital assets are stored. Investors’ ownership is not guaranteed if they are held on stock exchanges or third-party custody services.
Therefore, choosing the best possible hot or cold wallet is the first step users must take to ensure the security of their assets. And as Elon Musk would suggest – investors need to have their own private keys.
The team behind the Freewallet app recently spoke with Tesla’s CEO for a post about Dogecoin. However, while they are honored to have responded by the richest man in the world, they are not so happy about the type of ad the wallet receives.
“Your app sucks,” Musk commented. He then justified his stern words by Freewallet’s inability to provide customers with their own private keys.
As it is a hosted wallet, it does not provide private keys to individual wallet addresses, according to Freewallet’s statement.
Private keys are an important part of the industry. Each digital address has a unique key required to access funds that work with a 12 or 24 word starting phrase.
Musk, Dogecoin and Bitcoin
The CEO of SpaceX and Tesla has a very interesting history with the cryptocurrency space. Before the electric vehicle giant allocated $ 1.5 billion to the leading cryptocurrency, it was among the doubts of its value and potential role in the global finance scene.
However, Musk took a more optimistic approach to another token, Dogecoin. Inspired by the Shiba Inu, meme coin has become the latest craze in the industry, after the executive’s frequent approval on social media.
Musk began calling him the future of money on this planet, from putting “former CEO of Dogecoin” on his Twitter profile. Naturally, this acceptance of one of the world’s most influential figures drew great attention from the mass media and other famous figures.
As a result, Dogecoin has risen in value and even found a place among the top 10 cryptocurrencies by market capitalization until recently.