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Elon Musk Gives Wallet Advice Following $1.5B Bitcoin Investment

Elon Musk Gives Wallet Advice Following $1.5B Bitcoin Investment

Elon Musk’s social media escapades are always newsworthy, and his latest one takes the cake. 

Around February 8, Musk was doing his usual Dogecoin shilling and tweeted:

“Who let the Doge out.”

The team behind the Freewallet app decided to engage with Tesla’s CEO. However, it didn’t end well for them. Musk ended up replying to their tweet with a curt “your app sucks.”

“Not your Keys, Not Your Coins”

The main reason why Musk was harsh towards Freewallet was because of their key management policy. In simple terms, they don’t provide their customers with their own private keys.

“Any crypto wallet that won’t give you your private keys should be avoided at all costs”

Apparently, Freewallet temporarily locked Musk's account to “protect funds on his account.” The company said that a more detailed article will be released soon.

As expected, the crypto Twitterati latched on to this statement, with prominent folks in the crypto community providing their POV.

Riccardo Sapgni, one of the main people behind privacy coin Monero, replied:

“Yup - that's why Freewallet has been listed as untrusted on the /r/monero subreddit for many, many years.”

Ledger took the opportunity of this to advertise their own product:

“@elonmusk is right, as long as you’re not managing your own private keys, you don’t truly own your #crypto. Our hardware wallets, combined with our app Ledger Live, allow you to own and manage your crypto from one place. ”

Trezor wasn’t far behind, advertising their own hardware wallet:

“Hi Elon, you should really consider Trezor Wallet:

1) With Trezor you hold your own private keys

2) We support DOGE since ever”

Was An Amicable Solution Reached?

Despite the Twitter firestorm, it looks like Free Wallet managed to reach a truce with the World’s richest man. Freewallet was eventually able to give the Tesla CEO access to his account. They tweeted:

“Hi Elon, the app is online. Integrations to buy, exchange and merchant tools are working, support is available 24/7. It's nice you tried us out of all crypto services. Anything we can help you with, let us know.”

Musk then replied to this saying:

“Thanks for fixing.”

Musk’s Recent Crypto Adventures

Along with being the greatest mascot, Dogecoin could ever hope for, Elon Musk’s electric car company, Tesla, recently announced in their SEC filing that they had purchased $1.5B in Bitcoin. The market reacted extremely positively, with Bitcoin reaching a new all-time high of $48,003.72 on February 9.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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