Michael Saylor Offers Elon Musk His ‘Playbook’ to Convert Tesla’s Billions into Trillions
Bitcoin isn’t the world’s second-richest person’s “safe word” and is “almost as bs as fiat money,” it’s just all about DOGE.
Tesla CEO, Elon Musk took over the crypto Twitter on Sunday when he tweeted that Bitcoin is his safe word.
Musk’s Tweet has always been vague, after all, he’s here for the memes.
His weekend shenanigans soon gave way to “Just kidding, who needs a safe word anyway!?” this time as well.
“Bitcoin is almost as bs as fiat money,” came his Tweet soon after.
— Elon Musk (@elonmusk) December 20, 2020
Bitcoin fanboy, Michael Saylor, the CEO of MicroStrategy, the first public company to replace cash with Bitcoin in their balance sheet as a reserve asset, jumped in and encouraged the billionaire to make a similar decision and “do your shareholders a $100 billion favor.”
“Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor,” Saylor added in his tweet on Sunday.
This made Musk inquire if “such large transactions (are) even possible.”
Here, Saylor took over and explained how he has purchased more than $1.3 billion in Bitcoin in the past few months and “would be happy to share my playbook with you offline – from one rocket scientist to another,” said the Bitcoin proponent.
Crypto derivatives exchanges FTX CEO Sam Bankman Fried also chimed in and recommended his OTC desk and “you can even use TSLA stock as collateral to buy it,” he said.
The price of Bitcoin surged more than 230% this year, having broken above the 2017 peak of $20,000 and now venturing on its price discovery that sees the digital asset making a new all-time high every other day.
In the early hours of Monday or late on Sunday, BTC price BTC -7.85% Bitcoin / USD BTCUSD $ 57,434.36
-$4,508.60-7.85% Volume 90.71 b Change -$4,508.60 Open $57,434.36 Circulating 18.69 m Market Cap 1.07 t 19 h It’s Time for Ethereum: Two Ether ETF Approved by Canadian Securities Regulators 1 d Miami-Dade County Task Force Is Looking at Ways for Residence to Pay Taxes Using Crypto 1 d UK Hedge Fund Brevan Howard Plans to Invest 1.6% of $5.6B Capital in Cryptocurrencies actually made yet another all-time high to about $24,300.
Today, the market is actually in risk-off mode with Bitcoin falling to $22,400 and TSLA shares also going down 6.3% in pre-market on its debut on the S&P 500 index.
“If Elon Musk/Tesla decided to also allocate part of its treasury holdings to BTC like Microstrategy did, it will embolden other tech companies around the world to do the same,” said one of the partners of the Crypto fund The Spartan Group.
The share price of Musk’s TSLA actually has been on a bull run itself, wilder than Bitcoin’s. Up a whopping 708% YTD and up 862% from March lows, TSLA made a new all-time high at 695 on Friday. These gains added $140 billion to Musk’s $167 billion net worth, making him the second richest person in the world.
DOGE jumped over 25% on this, trading above $0.005.