Elon Musk Asks MicroStrategy CEO About Converting Tesla Balance Sheet Into Bitcoin
In a tweet, tech mogul Elon Musk asked MicroStrategy CEO Michael Saylor whether it’s possible to convert Tesla’s balance sheet from USD to Bitcoin. In the exchange, Saylor suggested to Musk to begin the shift so others will follow.
Musk and Saylor’s Bitcoin Discussion
Saylor said in his tweet:
“If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.”
To which Musk asked if “large transactions even possible” in Bitcoins.
“Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline – from one rocket scientist to another,” tweeted Saylor.
True to his words, Michael Saylor and his co-founded company had made several massive purchases in Bitcoin in past months, as reported by BTC Manager.
In agreement, other crypto analysts like Pierre Rochard, co-founder of the Satoshi Nakamoto Institute and one of the more popular Bitcoin maximalists weighed in. Rochard said that his prediction for the year ahead is that more than half of the listings in the S&P 500 will adopt Bitcoin as their long term Treasury Reserve Asset.
The exchange between Musk and Saylor, however, stopped there. There are no updates yet whether Musk has made a final decision to carry on the conversion of Tesla’s balance sheet.
Peter Schiff, Yet Again, Remains a Bitcoin Skeptic
In the whole exchange, the infamous Peter Schiff, known for his anti-Bitcoin and crypto sentiments, butted in. Schiff tried discouraging Musk from making the move to shift Tesla’s sheets to Bitcoin.
He urged Elon not to “fall for this con,” calling Bitcoin a pyramid scheme that requires new buyers consistently to keep the system going.
Musk’s Interest in Bitcoin
As many may remember, back in May 2020, the author of Harry Potter, JK Rowling, asked in a tweet explain what Bitcoin actually means and where it stands. To which Musk replied:
“Massive currency issuance by govt central banks is making Bitcoin Internet money look solid by comparison.”
In the same thread, Musk added that he already owns 0.25 Bitcoins at that time. Above all these things, it is still uncertain what Musk and Tesla’s next steps would be. But if there’s one thing we can be sure about, it is that this exchange has inspired wild speculations as to Tesla’s plans on Bitcoin.