According to a Twitter exchange between Musk and a well-known digital currency advocate, Elon Musk asked on Sunday about the possibility of converting a “big deal” on Tesla’s balance sheet into Bitcoin.
MicroStrategy Inc. CEO Michael Saylor advised the founder and head of billionaire Tesla to take action in a tweet to Musk.
“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.
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.
Tesla’s stock price rose to a record high in a crazy trading day on Friday as investors stepped up their expectations for the electric car manufacturer, which was included in the Standard & Poor’s 500 index on Monday.
In the case of a surge in interest from large investors, after Bitcoin broke the $20,000 mark for the first time last week, on Sunday, Bitcoin rose to a high of $24,299.75. Bitcoin’s latest report was $23,60.98, an increase of 2.88%.