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Tesla’s Elon Musk Asks About the Prospect of Converting ‘Large Transactions’ to Bitcoin

Tesla's Elon Musk Asks About the Prospect of Converting 'Large Transactions' to Bitcoin
Photo Credit: Getty Image

According to a Twitter exchange between Elon Musk and a well-known advocate for the digital currency, Musk on Sunday inquired about the prospect of turning ‘big transactions’ of Tesla Inc’s balance sheet into bitcoin.

In a tweet to Musk, Michael Saylor, chief executive officer of MicroStrategy Inc., proposed that the billionaire founder and head of Tesla make the move.

“If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC,” Saylor wrote in his tweet. “Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.”

“Are such large transactions even possible?” Musk replied to Saylor.

“Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline….,” Saylor tweeted.

On a frantic day of trading on Friday, Tesla’s stock soared to a record high as investors geared up for the much awaited entry of the electric carmaker into the benchmark S&P 500 index on Monday.

“Every CEO faces the challenge of how to preserve & enhance shareholder value in the face of this year’s unprecedented monetary expansion,” Saylor said in a message to Reuters.

“Bitcoin is the best solution to the store of value problem faced by every individual, investor, & corporation on earth,” Saylor said.

On Sunday, after crossing the $20,000 mark for the first time last week, Bitcoin rose to a high of $24,299.75, despite surging demand from larger buyers. Bitcoin was last up 2.88 percent at $23,60.98.

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