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Elon Musk asked on Sunday about the possibility of converting “large transactions” from Tesla Inc’s balance sheet into bitcoin, according to a Twitter exchange between Musk and a well-known proponent of the digital currency.
FILE PHOTO: Tesla Inc CEO Elon Musk speaks on stage during a delivery event for Tesla’s China-made Model 3 cars at its factory in Shanghai, China, on January 7, 2020. REUTERS / Aly Song / File Photo / File Photo
REUTERS: Elon Musk asked on Sunday about the possibility of converting “large transactions” from Tesla Inc’s balance sheet into bitcoin, according to a Twitter exchange between Musk and a well-known proponent of the digital currency.
Michael Saylor, CEO of MicroStrategy Inc, in a tweet to Musk, suggested that the billionaire founder and CEO of Tesla make the move.
“If you want to do your shareholders a favor of $ 100 billion, please convert TSLA’s balance sheet in USD dollars to #BTC,” Saylor wrote in his tweet. “Other S&P 500 firms would follow suit and eventually grow into a $ 1 trillion favor.”
“Are such large transactions possible?” Musk replied to Saylor.
“Yes. I have bought over US $ 1.3 billion worth of #BTC in the last few months and 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 unprecedented monetary expansion this year,” Saylor said in a message to Reuters.
“Bitcoin is the best solution to the store of value problem faced by all individuals, investors, and corporations on earth,” Saylor said.
Tesla shares rose to an all-time high on Friday on a hectic trading day as investors braced for the electric carmaker’s long-anticipated entry into the benchmark S&P 500 on Monday.
Bitcoin rose to a high of $ 24,299.75 on Sunday, after breaking the $ 20,000 milestone for the first time last week, amid growing interest from larger investors. Bitcoin last stood at $ 23.60.98, down 2.88 percent.
(Report by Suzanne Barlyn; Edited by Diane Craft)
