Elon Musk’s suggestive tweet results in a dialogue a few potential ‘$1-trillion favor’ for Tesla shareholders


Bitcoin’s
BTCUSD,
+1.06%

fierce rally is, once more, drawing consideration from traders of all stripes, together with Elon Musk, who early Sunday requested about the potential of changing “giant transactions” of Tesla’s
TSLA,
+5.96%

steadiness sheet into the cryptocurrency.

It began when Musk tweeted a provocative meme in regards to the attract of bitcoin. Because the feedback, likes and retweets piled up, Michael Saylor, chief govt of Microstrategy
MSTR,
+1.14%

and massive bitcoin fan, joined the dialogue with an concept that caught Musk’s eye.

“If you wish to do your shareholders a $100-billion favor, convert the $TSLA steadiness sheet from USD to #BTC,” Saylor mentioned. “Different companies on the S&P 500
SPX,
-0.35%

would comply with your lead & in time it could develop to develop into a $1-trillion favor.”

Musk then responded by asking if “such giant transactions even doable?” Saylor was simply one in every of a number of bitcoin backers who assured him that they’re.

“I’ve bought over $1.3 billion in #BTC in previous months & can be completely satisfied to share my playbook with you offline — from one rocket scientist to a different,” Saylor mentioned. Final week, he talked in additional element in regards to the concept of companies making the transfer to transform their money piles into bitcoin:

Whereas bitcoin followers had been loving the dialogue, there have been loads of others, together with Euro Pacific Capital CEO Peter Schiff, who dismissed it as a joke:

In the meantime, bitcoin simply retains transferring deeper into uncharted territory, pushing previous the $24,000 mark for the primary time on Sunday.





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