Elon Musk inquired, through a tweet exchange, about converting “large transactions” of Tesla’s Inc. balance sheet into Bitcoin, according to Bloomberg. The tweet came as Musk posted a suggestive image indicating he is tempted by Bitcoin, which has more than tripled in value this year.
- In the tweet exchange, Musk was encouraged by Michael Saylor, the CEO of Microstrategy Inc, to shift U.S. dollars to Bitcoin and do the “shareholders a $100 billion favor. “
- Saylor suggested that other firms on the S&P 500 would follow Musk’s lead, and in time, it would grow to $1 trillion.
- Saylor said he had purchased more than $1.3 billion in Bitcoin and offered to share his “playbook” offline with Musk.
- Bitcoin rose above $23,000 for the first time this week, pushing the price of Bitwise 10 Crypto Index Fund as much as 650% above the value of its holdings
- Musk’s intention comes even as Tesla inc. is set to start trading as a member of the S&P 500 Index on Monday, with its stock having gained eight fold this year.
Tesla’s stock is currently declining as Bitcoin gains. TSLA: NASDAQ is down 4.52% on premarket, BTCUSD is up 0.52%