Elon Musk does not support centralized cryptocurrency exchanges, he wants cryptocurrency holders to keep their "keys" and not depend on exchanges such as Robinhood or Binance.
Elon Musk continues to "excite" the crypto community on Twitter after a heated exchange of tweets with Binance CEO Changpeng Zhao. And recently, Elon Musk responded to a tweet from Bill Lee, agreeing that as long as the keys to the wallet are not in the user's possession, he should not consider his assets as “his”.
Tesla CEO wants people who own digital assets to have their private keys, rather than letting a cryptocurrency exchange do so.
There are two types of cryptocurrency exchange, centralized and decentralized, but both have advantages and disadvantages in terms of security and reliability.
Unlike centralized exchanges, decentralized exchanges do not offer a user-friendly interface and are quite difficult to use. This is also because in the case of decentralized exchanges, users have to log into their crypto wallets first, which becomes a tedious task. While most transactions take place on centralized cryptocurrency exchanges, decentralized exchanges are the best in terms of preventing market manipulation and reducing the risk of hacking.
When users buy cryptocurrency through platforms like Binance or Coinbase, they don't own the keys. They also don't have a virtual wallet with keys. These platforms provide key storage and protection in exchange for a user-friendly working environment.
Nevertheless, according to Elon Musk's tweet, it is not hard to guess what his real position is. He seems to support the idea of ditching exchange platforms that currently have millions of users.
