'Not Your Keys, Not Your Wallet:' Elon Musk Adds To Block's Bitkey Buzz As Jack Dorsey Says 'Move Your Bitcoin Off Exchanges'

Block Inc. (NYSE:SQ) CEO Jack Dorsey unveiled the fintech company’s self-custody Bitcoin (CRYPTO: BTC) wallet, Bitkey, for pre-order in over 95 countries on Thursday.

What Happened: Dorsey urged users on X to “Move your bitcoin off the exchanges” and provided a link to Bitkey. In response, Tesla CEO Elon Musk acknowledged the importance of controlling one’s wallet keys with the popular crypto maxim: “Not your keys, not your wallet, as they say.”

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Why It Matters: The Bitkey wallet relies on a three-tier security key system. The mobile app facilitates Bitcoin transactions on the go, while the hardware device acts as a secure vault, keeping assets offline.

Additionally, a third recovery key stored on Bitkey’s servers verifies transactions when the hardware device is unavailable and aids in wallet recovery if phones or devices are lost.

Back in June, Block announced that Bitkey would integrate with its payment platform Cash App and the crypto exchange Coinbase, allowing Bitcoin transactions within the app.

The concept of self-custody has gained prominence, particularly in the wake of the collapses of several centralized crypto platforms, including FTX, Voyager, and Celsius.

Price Action: At the time of writing, Bitcoin was trading at $43,521, down 1.02% in the last 24 hours, according to Benzinga Pro. 

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