Is Elon Musk considering changing the dollars in Tesla’s bank account to crypto?
An intriguing Twitter discussion erupted between Musk and Michael Saylor over the course of the weekend.
Saylor is the CEO of MicroStrategy, which has plowed hundreds of millions of dollars into Bitcoin — making a handsome profit as a result. Recently, the company announced bold plans to buy even more. In a tweet addressed to Musk, Saylor had written:
“If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor."
Musk replied — asking whether it was even possible to complete such a large transaction. Saylor added:
“Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline - from one rocket scientist to another.”
Crypto Twitter was loving the interaction, which generated thousands of retweets. The co-founder and CEO of the Gemini crypto exchange, Tyler Winklevoss, wrote:
“When @elonmusk puts the $TSLA balance sheet into #Bitcoin, we'll have to change the BTC rallying cry from ‘to the moon!’ to ‘to Mars!’”
Of course, cynics weren’t far away. Crypto skeptic Peter Schiff waded in, writing:
“If you really are considering risking shareholder funds on #Bitcoin, I would be happy to volunteer to debate Saylor in front of your board so that a more informed decision can be made.”
It’s been a big year for Tesla shares, which have more than trebled since January. It’s also shaping up to be a big week too — with TSLA entering the S&P 500 on Dec. 21. With a weighting of 1.69%, the electric car maker is now the fifth-largest constituent in the prestigious index.
Read More on Alexandria!
We took an in-depth look at the institutions that have been buying Bitcoin back in November — MicroStrategy among them — which you can read here.
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