Will Elon Musk Convert Tesla's Cash To Bitcoin?


On Sunday, Elon Musk asked about converting “large transactions” of Tesla Inc’s balance sheet into bitcoin.

Michael Saylor, chief executive officer of MicroStrategy Inc, tweeted:

“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.”

“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.

“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.

Tesla makes its much anticipated entrance into the benchmark S&P 500 index on Monday.

At time of publishing Bitcoin was hovering around $22,900 after reaching a high of $24,299.75 on Sunday.


Economics, Finance and Investing