Will Elon Musk Convert Tesla's Cash To Bitcoin?

Matty-Sways

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.

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