Musk, the billionaire serial entrepreneur who has ridden Tesla’s rising share price toward the top of the global wealth list this year, asked if it was possible to convert Tesla’s billions of dollars into bitcoin.
Musk, CEO of Tesla and the satellite company SpaceX, was responding to Michael Saylor, chief executive of MicroStrategy
“If you want to do a $ 100 billion favor to your shareholders, convert the [Tesla] balance sheet of [dollars] i [bitcoin], “Saylor tell Musk, responding to a bitcoin meme that Musk received has posted. “Other companies on the S&P 500 would follow your lead and eventually grow into a $ 1 trillion favor.”
Tesla’s share price has climbed a staggering 730% through 2020 and is set to enter the S&P 500 on Monday as the sixth most valuable company, placing behind only Apple’s tech giants.
Meanwhile, the price of bitcoin has added about 235% this year, climbing to unprecedented highs and ending a three-year bear market.
“Are such large transactions even possible,” Musk he asked in response, triggering a flow of responses from the bitcoin and cryptocurrency community as well as Saylor, which tell Musk could share his bitcoin buying “playbook” with him— “from one rocket scientist to another.”
Saylor did not immediately respond to a question asking if he had shared any details privately with Musk.
Saylor’s nearly $ 500 million bitcoin bet, unveiled over the summer, has more than doubled in value since then, with the company announcing this month that it has raised over $ 600 million by selling bonds to buy more bitcoin.
Musk’s interaction with Saylor set the cryptocurrency community on fire with speculation that Tesla could put bitcoin on its books.
“The internet will break if Elon Musk converts any of Tesla’s balance sheet into bitcoin,” said Anthony Pompliano, founder and partner of bitcoin and crypto hedge fund Morgan Creek Digital, via Twitter.
Peter Schiff, a prominent gold investor and bitcoin skeptic, warned Musk not to “fall for this con.”
“Michael, like everyone involved in the bitcoin pyramid scheme, must recruit new buyers into the scheme to keep it going,” Schiff He said, Musk’s addition “should not leave Tesla shareholders holding the same bag as MircroStrategy shareholders.”
Musk went on to do a series of bitcoin and cryptocurrency Twitter posts, saying that “bitcoin is [his] safe word “—and reference to” tweet January 2020 saying that bitcoin is “not” its safe word – and “bitcoin is almost as bs as fiat money.”
The price of bitcoin climbed slightly following Musk’s comments from Musk, hitting a record high of $ 24,300 per bitcoin on the Bitstamp exchange in Luxembourg.
Meanwhile, the price of a cryptocurrency “dogecoin” jumped 15% after Musk did reference to it. Musk’s Twitter bio currently reads: “Former CEO of dogecoin” – reference to a 2019 Twitter survey where he was voted chief executive of cryptocurrency meme.
Earlier this year, Musk made headlines in weighing a tweet from Harry Potter author JK Rowling asking for bitcoin to be explained to her.