Elon Musk on Sunday got some information 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, CEO of MicroStrategy Inc, in a tweet to Musk, recommended that the tycoon Tesla founder and head, take the action.
“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 couldn’t be reacher for comment.
“Each 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.