Following a controversial tweetstorm about cryptocurrencies, Elon Musk, Tesla’s CEO, has apparently picked up the idea of adopting Bitcoin as the company’s repository reserve asset.
Michael Saylor, the CEO of Nasdaq-listed business intelligence firm MicroStrategy, influenced Musk to do his shareholders a $100 billion favor by converting the cash-heavy balance sheet into the leading e-car manufacturer into the flagship crypto:
When Musk asked whether such transactions were even possible, Saylor — who had purchased over $1.3 billion worth of BTC over the past few months — urged the fellow billionaire to have a chat offline to share his playbook.
Gemini CEO Tyler Winklevoss also entered their discussion, insisting that there was “plenty of liquidity” to get that done.
During a recent interview with HyperChange, Saylor explained that Tesla and other companies should consider placing their dollars into Bitcoin to preserve their spending power:
“If Tesla puts $1 billion dollars they will double their money within 12 months. If they put $2 billion in, they will probably generate a $10-billion gain. By the way, anybody could do it. If you’re a billionaire hedge fund guy, you put a billion into Bitcoin, just put it out on the wire and say you did it.”
Dogecoin might have a better shot
Acknowledging the billionaire has been posting rather mixed signals about Bitcoin, it is more likely that he will persuade the Telsa board to convert the company’s balance sheet into Dogecoin.
The meme cryptocurrency ripped more than 20 percent higher today after its most dominant admirer gave it another shout-out.