Elon Musk Considers 'Large Transactions' from Tesla to Bitcoin
Elon Musk enquired on Sunday about converting Tesla's large balance sheet into bitcoin, as per a Twitter exchange between the electric vehicle-maker CEO and a prominent booster of cryptocurrency, Michael Saylor.
Saylor is the CEO of MicroStrategy Inc. and allegedly suggested Musk make the shift of Tesla's US dollars into bitcoin, reported the South China Morning Post (SCMP).
Musk enquired if it was even possible to move such "large transactions" in such a way.
By shifting such large amounts of Tesla's balance sheet into cryptocurrency, Musk would do his "shareholders a US$ 100 billion favor," stated Saylor.
Carrying on, Saylor also tweeted, "Other firms on the S&P 500 would follow your lead & in time it would grow to become a US$1 trillion favor."
Saylor explained how much he's shifted over to bitcoin, and offered to share his playbook "offline" with Musk.
Just today, Tesla set to start trading as a member of the S&P 500 Index after seeing an eightfold surge in 2020. Thanks to this surge, Musk himself saw his own fortune jump forward, making him the second richest man in the world.
On a bitcoin-related note, Musk also took to Twitter yesterday to share some "bitcoin banter," including a shoutout to "Dogecoin," which sent its shares up by 20%, stated CNN Business.
Musk has been sharing funny Dogecoin tweets since July this year, as you can see below:
It’s inevitable pic.twitter.com/eBKnQm6QyF— Elon Musk (@elonmusk) July 18, 2020
Some of Musk's Twitter followers think his account may have been hacked, others believe it's just plain old Musk fun. Take a look below:
One word: Doge— Elon Musk (@elonmusk) December 20, 2020
Bitcoin is almost as bs as fiat money— Elon Musk (@elonmusk) December 20, 2020