Elon Musk, world's second wealthiest person, is curious about bitcoin

Tesla CEO Elon Musk took to Twitter to wonder if large transactions of Tesla balance sheet can be converted to bitcoin.Bitcoin rose to a high of $24,2
...
File photo of Elon Musk.
File photo of Elon Musk.

Elon Musk on Sunday asked about the possibility of converting "large transactions" of Tesla Inc's balance sheet into bitcoin, according to a Twitter exchange between Musk and a well-known advocate for the digital currency.

Michael Saylor, chief executive officer of MicroStrategy Inc, in a tweet to Musk, suggested that the billionaire Tesla founder and head, 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."

Also check these Vehicles

Find more Cars
Tesla Model S (HT Auto photo)
UPCOMING
BatteryCapacity Icon75 kWh Range Icon396 km
₹70 Lakhs - 1 Cr
Alert Me When Launched
Tesla Model 3 (HT Auto photo)
UPCOMING
BatteryCapacity Icon82kWh Range Icon 555 km
₹ 70 - 90 Lakhs
Alert Me When Launched
Hyundai Kona Electric 2024 (HT Auto photo)
UPCOMING
BatteryCapacity Icon64.8 kWh Range Icon418 Km
₹ 25 Lakhs
Alert Me When Launched
Hyundai Kona Electric (HT Auto photo)
BatteryCapacity Icon39.2 kWh Range Icon452 km
₹ 23.79 - 23.98 Lakhs
Compare
View Offers
Odysse Electric Odysse Electric Hawk (HT Auto photo)
BatteryCapacity Icon2.96 kWh Range Icon170 Km
₹ 73,999 - 98,500
Compare
View Offers
Compare

"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.

Tesla and Musk could not be reached for comment.

"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.

Shares of Tesla rose to a record high on Friday in a frantic day of trading as investors geared up for the electric carmaker's much anticipated entrance into the benchmark S&P 500 index on Monday.

Bitcoin rose to a high of $24,299.75 on Sunday, after passing the $20,000 milestone for the first time last week, amid surging interest from larger investors. Bitcoin was last at $23,60.98 up 2.88%.

Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape.

First Published Date: 21 Dec 2020, 09:41 AM IST
NEXT ARTICLE BEGINS

Check Latest Offers

Please provide your details to get Personalized Offers

Choose city
+91 | Choose city
Choose city
Select a dealer

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy
Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.