FX.co ★ Elon Musk: FTX fiasco good for crypto market

What doesn't kill you makes you stronger. This saying can be well applied to cryptocurrencies, Elon Musk believes. Challenges in the industry reinforce the position of winners and clear the system by highlighting its weak points. That is why the recent FTX fiasco is a good thing for the crypto market. Elon Musk, SpaceX and Tesla founder, Twitter CEO, the owner of The Boring Company, and co-founder of Neuralink and OpenAI, views any problem as an opportunity for improvement. Therefore, the billionaire is sure that the collapse of the FTX crypto exchange does not mean the failure of cryptocurrencies based on blockchain technology. On the contrary, this case has proved that cryptocurrencies are viable. The entrepreneur shared his thoughts at a recent Twitter Spaces event with an audience of about 1 million people. From his point of view, the FTX fiasco was actually useful. Elon Musk also reminded users that crypto exchanges are only suitable for buying or selling tokens but not for storing them. To do this, investors must use a crypto wallet which ensures protection from bankruptcies and hackers. “I would like to emphasize once again that cryptocurrencies should be stored in a direct access wallet. Not on the crypto exchange,” Elon Musk stressed. Commenting on the future of cryptocurrencies, Twitter CEO outlined 3 coins worth paying attention to. “I think Bitcoin, Ethereum, and DOGE have a future. I can't comment on the rest. But if you keep one of those three assets in your wallet and off the exchange, then I suppose you will be fine,” Musk said.