Elon Musk on Sunday asked about the possibility of converting “large transactions” of Tesla’s balance sheet into bitcoin, according to a Twitter exchange between Musk and a well-known advocate for the digital currency.
Michael Saylor, CEO of MicroStrategy, in a tweet to Musk, suggested that the billionaire Tesla founder and head, make the move.
“If you want to do your shareholders a $100-billion favor, convert the $TSLA balance sheet from USD to #BTC,” Saylor wrote in his tweet. “Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.”
“Are such large transactions even possible?” Musk replied to Saylor. “Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline….,” Saylor tweeted.
Tesla and Musk could not be reached for comment.
“Every CEO faces the challenge of how to preserve and enhance shareholder value in the face of this year’s unprecedented monetary expansion,” Saylor said in a message to Reuters. “Bitcoin is the best solution to the store of value problem faced by every individual, investor and corporation on Earth.”
Shares of Tesla rose to a record high on Friday in a frantic day of trading as investors geared up for the electric car maker’s much anticipated entrance into the benchmark S&P 500 index on Monday.
Bitcoin rose to a high of US$24 299.75 on Sunday, after passing the $20 000 milestone for the first time last week, amid surging interest from larger investors. — Reported by Suzanne Barlyn, (c) 2020 Reuters