Twitter (NYSE:TWTR) CEO Elon Musk is certain that the collapse of FTX in no way signifies the failure of cryptocurrencies based on blockchain technology. He said so recently during a Twitter Spaces event attended by nearly a million people.
From his perspective, the FTX debacle was even helpful. What users should learn in using cryptocurrencies is that crypto exchanges are only suitable for Bitcoin, Ethereum. & Co to buy or sell. They are not at all suitable for the custody of cryptos. To do this, you must use your own cold-wallet. This is the only way to be protected against both bankrupts and hackers:
“I would like to emphasize once again that cryptocurrencies should be kept in a directly accessible cold wallet. Not on a stock market”.
Elon Musk has a very clear idea of how cryptocurrencies will develop going forward because of three factors that cannot be overlooked:
“I think it’s likely that Bitcoin, Ethereum and DOGE have a future. For the others, I can’t really say. But if you have one of these three in a cold wallet and you ‘you don’t keep it in a purse, I guess that has its advantages”.