Questions About Converting ‘Large Transactions’ To Bitcoin Asked By Tesla’s Elon Musk

Founder and chief of the United States based electric car maker Tesla’s Elon Musk inquire about the possibility of transforming the “large transactions” of Tesla Inc’s balance sheet into bitcoin as reported by the media based on a Twitter exchange between Musk and a well-known advocate for the digital currency.

The billionaire entrepreneur and the head of Tesla should make the move, suggested Michael Saylor, chief executive officer of MicroStrategy Inc, in a tweet to Musk.

“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.

There were no comments on the issue available from either Tesla or Musk.

The issue of how to preserve and enhance shareholder value in the face of the unprecedented monetary expansion that has been witnessed so far this year is a challenge that is faced by every CEO, Saylor said in a message to the media. And for the problem of storing of value that has to be faced by every individual, investor, and corporation on the planet, the best solution is that of investing in bitcoin, suggested Saylor said.

Stock price of the electric car maker touched a record high on Friday as investors apparently were very excited throughout the day as they prepared for the much awaited entrance of the car maker into the benchmark S&P 500 index on Monday.

In comparison, the value of the virtual currency bitcoin also rose to a high of $24,299.75 on Sunday after it set a record last week by surpassing the $20,000 milestone for the first time. There in recent times, there has been a surge in interest in the virtual coin from larger investors. Bitcoin was last seen valued at $23,60.98, up 2.88 per cent.

(Adapted from Reuters.com)



Categories: Creativity, Economy & Finance, Regulations & Legal, Strategy, Sustainability

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