Elon Musk is perhaps the single most influential person for cryptocurrencies. Over the years, single Tweets from the Tesla and Space X founder have caused great uproars in the crypto markets. From promoting dogecoin to giving away his Bitcoins, Musk has been an active participant in the crypto economy for a long time now. He is also one of the ardent believers in the power of cryptocurrency and has often come under the scanner for the same. Now Elon Musk has said that he does not want investors to rely on cryptocurrency exchanges, and it had also had a deep impact on crypto investors.
All of this began with the spat between Musk and Binance CEO Changpeng Zhao on Twitter. Being a centralized exchange, Biancne holds the keys of its investors. It has also led to many problems for Dogecoin investors on Binance. Musk asked Changpeng Zhao about the situation of Dogecoin investors on Binance, calling the situation ‘shady’. That sparked a debate from all ends, with the issue of centralized exchanges becoming the core of it.
According to Musk, investors should stay away from centralized exchanges as they rob people of their autonomy. A much better alternative, according to Musk, are decentralized exchanges that let users hold their keys. That means bad news for many centralized exchanges, including Binance. The debate is still ongoing, and there is no clear or winner or loser. While investment remains a personal choice, Musk’s advice will surely have an effect on future investors’ decisions