“Cryptocurrencies should be stored in a wallet with direct access. Not on the stock exchange.”
Elon Musk

Elon Musk: “The FTX fiasco is good for the cryptocurrency market”

Twitter CEO Elon Musk is confident that the collapse of the FTX crypto exchange does not mean the failure of cryptocurrencies based on blockchain technology.

He said that at a recent Twitter Spaces event, wich audience was about 1 million people.

From his point of view, the FTX fiasco was actually useful. What users should learn when working with cryptocurrencies is that crypto exchanges are only suitable for buying or selling BTC, ETH, and so on. But they are completely unsuitable for storing cryptocurrencies. To do this, you should use your own crypto wallet. Only then will you be equally protected from bankruptcies and hackers.

“I would like to emphasize once again that cryptocurrencies should be stored in a wallet with direct access. Not on the stock exchange,” Musk said.

Do you agree with Elon Musk?

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