Elon Musk inquired about converting “large transactions” of Tesla’s balance sheet into Bitcoin in an online exchange with Bitcoin enthusiast Michael Saylor.
The famous Tesla CEO who has made public his desire to lead a team to mars, engaged Michael Saylor in a series of tweets that generated a lot of buzz. Michael Saylor, the CEO of Micro strategy Inc, encouraged the billionaire to transfer large amounts of Tesla’s portfolio into Bitcoin and do his shareholders a “100 billion favor.” Saylor went on to say that other S&P 500 companies would take note and follow if Tesla was to make such a move and it would go from a “100 billion favor” to a “1 trillion favor.”
“Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor,”
The exchange began after Musk posted that he was tempted by Bitcoin which had tripled in value this year. After being egged on by Saylor, Elon inquired whether huge transfers into Bitcoin were possible and many people assured him they were.
With Musk being in the news lately after Tesla stock took a few hits in the stock market, this Bitcoin development helps veer Tesla conversations to a different direction. If Tesla was to move decent sums of its balance sheet into Bitcoin, it would represent yet another big institutional move into crypto. An impact would definitely be seen in BTC price.
Musk has addressed cryptos before on twitter after responding to actress Marie Williams after she inquired a few weeks ago whether Bitcoin was a good investment. Musk was not resoundingly clear in what seemed like an endorsement of the idea, but it has been rumored that the Tesla CEO was a fan of cryptos. We will wait to see if musk makes a crypto move in the coming weeks.
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