Elon Musk asks about converting 'large transactions' to bitcoin

By REUTERS | 21 December 2020


According to MicroStrategy Inc's CEO Saylor, Bitcoin is the best solution to the store of value problem faced by every individual, investor, and corporation on earth. — Reuters


SAN FRANCISCO: Elon Musk on Sunday asked about the possibility of converting “large transactions” of Tesla Inc’s balance sheet into bitcoin, according to a Twitter exchange between Musk and a well-known advocate for the digital currency.

Michael Saylor, chief executive officer of MicroStrategy Inc, in a tweet to Musk, suggested that the billionaire Tesla founder and head, make the move.

“If you want to do your shareholders a US$100 billion favour, 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 US$1 trillion favour.”

“Are such large transactions even possible?” Musk replied to Saylor.

“Yes. I have purchased over US$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,” said Saylor.

“Bitcoin is the best solution to the store of value problem faced by every individual, investor, and corporation on earth,” he added.

Shares of Tesla rose to a record high last Friday in a frantic day of trading as investors geared up for the electric carmaker’s much anticipated entrance into the benchmark S&P 500 index today.

Bitcoin rose to a high of US$24,299.75 on Sunday, after passing the US$20,000 milestone for the first time last week, amid surging interest from larger investors. Bitcoin was last at US$23,60.98 up 2.88%.

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