Saylor proposed that Musk convert Tesla’s balance sheet into Bitcoin (BTC), a company whose market capitalization, according to AssetDash, is currently valued at more than $658 billion, according to a tweet posted today. The CEO of MicroStrategy suggested a figure like Musk taking the lead on the adoption of Bitcoin could cause “other companies on the S&P 500” to follow.
Then Saylor offered to “share [his] playbook” with the CEO of Tesla “from one rocket scientist to another,” stating that this year he had bought $1.3 billion in Bitcoin. In aeronautics and astronautics, and science, technology, and society, the MicroStrategy CEO holds dual degrees from MIT.
Musk, the Tesla and SpaceX CEO, has an estimated net worth of more than $153 billion. But held only 0.25 BTC personally as of February 2019. On the other hand, according to some estimates, Saylor. Whose net worth is 300 times less, about $500 million, has led MicroStrategy. A business intelligence company, to make one of the largest Bitcoin investments this year from a major financial institution. With the crypto asset’s recent rally to $24,000. The CEO has seen the value of his initial $425 million BTC purchase this year more than double.
Other crypto players were quick to respond to the inquiry by Musk. About possibly making such a large purchase of crypto.
Gemini co-founder also jumped into the conversation regarding Bitcoin
Gemini co-founder Tyler Winklevoss also jumped into the conversation. Advising Musk that there was “plenty of liquidity to get that done”. Sam Bankman-Fried, CEO of the Hong Kong-based FTX cryptocurrency derivatives exchange, told the billionaire that he could execute such a plan “over the course of a week.”
Peter Schiff’s known gold bug, however, came out against the potential investment, referring to Bitcoin as a pyramid scheme and advising Musk to “[not] leave Tesla shareholders holding the same bag as MicroStrategy shareholders.”
Since announcing MicroStrategy’s first $250 million Bitcoin purchase as a reserve asset in August. Saylor has been outspoken in his support of Bitcoin. He said that by integrating Bitcoin into Apple Pay. Building a secure crypto wallet on the iPhone, and buying the crypto assets. With the Treasury Reserves of the tech giant, tech companies like Apple could see a $100 billion gain in market capitalization.
“Big Tech will need to integrate their products with Bitcoin to stay competitive,” said Saylor on Friday. “All companies will need to convert their treasuries to BTC to stay solvent.”