According to Elon Musk, CEO of Tesla, you shouldn't store cryptocurrencies on Robinhood and PayPal. So, what crypto app does Elon Musk use?
He criticized the app for lacking one crucial feature during a back-and-forth exchange with Freewallet. “Any crypto wallet that won't give you your private keys should be avoided at all costs,” Musk tweeted to Freewallet.
Although you can store Bitcoin and other cryptocurrencies using the internet program Freewallet, you cannot manage your own private keys. Musk claimed that his wallet was locked during the conversation and that Freewallet quickly resolved his problems. But his comment can apply more widely to many well -known apps.
Robinhood and PayPal
Robinhood and PayPal are two of the most well-known apps that allow their users to buy and sell cryptocurrency. But one key thing they both lack is the ability to custody your own coins. This is the ability to possess your own private keys and send your coins outside the app. This means that while you can get price exposure, you don't possess the coins in the same way as if you held them in your own wallet.
What Crypto App Does Elon Musk Use?
In the blockchain, users can retain full control over their funds via private keys and seed phrases. There is a saying in the cryptocurrency industry that goes, "Not your keys, not your coins," because you can store cryptocurrencies in your wallet without relying on a third party. This means that you aren't truly the one holding your own coins unless you genuinely possess the private key to them. They are actually being held by someone else for you. In addition, diehard crypto enthusiasts tend to avoid any software that prevents them from accessing their private keys because of the underlying concept of being your own bank and not putting their trust in middlemen.
And now among those enthusiasts is Musk, whose Tesla company, as you undoubtedly already know, spent $1.5 billion in Bitcoin at the beginning of 2021.
I hope now you have some knowledge about the crypto apps and know, “what crypto app does Elon Musk use?”
