Michael Saylor, the CEO who made a $ 425 million bet on Bitcoin earlier this year, offers to advise Elon Musk on how to start investing in crypto.
According to a tweet posted today, Saylor proposed Musk is converting Tesla’s balance sheet into Bitcoin (BTC) – a company whose market capitalization is currently priced at more than $ 658 billion, according to AssetDash. The CEO of MicroStrategy suggested that a figure like Musk leading on the adoption of Bitcoin could cause “other companies on the S&P 500” to follow.
Saylor then offered to “share [his] playbook ”with Tesla CEO“ from one rocket scientist to another, ”noting that he bought $ 1.3 billion in Bitcoin this year. MicroStrategy’s CEO holds dual degrees from MIT in aeronautics and astronomy, and science, technology and society.
Musk, CEO of Tesla and SpaceX, has an estimated net worth of more than $ 153 billion but as of February 2019 in person only held 0.25 BTC. On the other hand, Saylor, whose net worth is 300 times smaller – roughly $ 500 million, according to some estimates – has led business intelligence firm MicroStrategy to make one of the largest Bitcoin investments of an organization financial year. The CEO has seen the value of his initial $ 425 million BTC purchase this year more than double with the crypto asset’s recent rally to $ 24,000.
Other crypto players were quick to respond to Musk’s query about possibly making such a large crypto purchase.
Sam Bankman-Fried, CEO of cryptocurrency derivatives exchange in Hong Kong, FTX, tell the billionaire that he could implement such a scheme “over a week.” Gemini co-founder Tyler Winklevoss also jumped into the conversation, counseling Musk said there was “enough liquidity to do that.”
However, the known gold bug Peter Schiff came out against the potential investment, with reference to Bitcoin as a pyramid scheme and advise Musk to “[not] leaving Tesla shareholders holding the same bag as MicroStrategy shareholders. ”
Saylor has been prominent in its support for Bitcoin since announcing that MicroStrategy made its first $ 250 million Bitcoin purchase as a reserve asset in August. He has noted that technology companies like Apple could see $ 100 billion gains in market capitalization by integrating Bitcoin into Apple Pay, building a secure crypto wallet for the iPhone, and buying the crypto assets with the tech giant’s Treasury Reserves.
“Big Tech will need to integrate their products with Bitcoin to stay competitive,” He said Saylor on Friday. “All companies will need to convert their treasures to BTC to remain solvent.”