Elon Musk’s suggestive tweet leads to a discussion about a potential ‘$1-trillion favor’ for Tesla shareholders

30 Dec 2020, 10:35 · Views 222

Bitcoin’s BTCUSD, +3.18% fierce rally is, again, drawing attention from investors of all stripes, including Elon Musk, who early Sunday asked about the possibility of converting “large transactions” of Tesla’s TSLA, +0.35% balance sheet into the cryptocurrency.

It all started when Musk tweeted a provocative meme about the allure of bitcoin. As the comments, likes and retweets piled up, Michael Saylor, chief executive of Microstrategy MSTR, -1.06% and big bitcoin fan, joined the discussion with an idea that caught Musk’s eye.

“If you want to do your shareholders a $100-billion favor, convert the $TSLA balance sheet from USD to #BTC,” Saylor said. “Other firms on the S&P 500 SPX, -0.22% would follow your lead & in time it would grow to become a $1-trillion favor.”

Musk then responded by asking whether “such large transactions [are] even possible.” Saylor was just one of several bitcoin backers who assured him that they are.

“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,” Saylor said. Last week, he talked in more detail about the idea of corporations making the move to convert their cash piles into bitcoin:

While bitcoin fans were loving the discussion, there were plenty of others, including Euro Pacific Capital CEO Peter Schiff, who dismissed it as a joke:

Meanwhile, bitcoin over the weekend moved further into uncharted territory, pushing past the $24,000 mark for the first time on Sunday. On Monday, however, the price dropped to $23,070, while the Dow Jones Industrial Average DJIA, -0.22%, Nasdaq Composite COMP, -0.38% and S&P 500 SPX, -0.22% all came under pressure.

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Elon Musk’s suggestive tweet leads to a discussion about a potential ‘$1-trillion favor’ for Tesla shareholders

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