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Elon Musk asked about converting “large transactions” from Tesla Inc.’s balance sheet to Bitcoin on a Twitter exchange with Michael Saylor, a prominent digital currency proponent.
In a series of tweets, Saylor, CEO of Microstrategy Inc., encouraged the billionaire to exchange US dollars for electricity.Automobile manufacturer to Bitcoin and “make its shareholders $ 100 billion favor. “
“Other firms in the S&P 500 would follow suit and eventually grow to become a $ 1 trillion favor,” Saylor added in his tweet Sunday.
The exchange came after Musk posted a suggestive image indicating he’s tempted by Bitcoin, the value of which has more than tripled this year.
“Are such large transactions possible?” Musk tweeted in response to Saylor. Numerous people assured him that they did, as well as Saylor, who said that he had bought more than $ 1.3 billion worth of Bitcoin and offered to share his “playbook” offline.
Bitcoin’s surge to all-time highs has investors racing for exposure to the rally, even if that means paying a high profit margin.
As the largest cryptocurrency soared above $ 23,000 for the first time this week, the mania pushed the price of the Bitwise 10 Crypto Index Fund up to 650% above the value of its holdings, according to data compiled by Bloomberg.
Tesla, which will begin trading as a member of the S&P 500 Index on Monday, increased eightfold this year.
The earnings boosted Musk’s own fortune after adding $ 140 billion to his net worth of $ 167 billion, making him the second-richest person in the world, according to the Bloomberg Billionaires Index.
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