Elon Musk inquiries about shifting ‘large transactions’ to cryptocurrency

Elon Musk inquiries about shifting ‘large transactions’ to cryptocurrency

As per a recent social media exchange between Tesla Inc. CEO- Elon Musk and Michael Saylor, CEO of Virginia-based business intelligence company- MicroStrategy, Musk reportedly asked regarding the possibility of converting “large transactions” mentioned in the company’s balance sheet into bitcoin.

In a series of tweets, Saylor encouraged the billionaire to convert the electric-car firm’s balance sheet from USD to bitcoin and doing the shareholders a “100 billion-dollar favor”. He further added that the other firms on the S&P 500 would follow the company’s initiative, making it a “trillion-dollar favor”.

In response to which Musk tweeted asking if such large transactions are even possible on the digital platform. Many people assured him they are, as well as Saylor, who then said he had brought it more than USD 1.3 billion in bitcoin and offered to share his “playbook” offline.

Reportedly, the exchange came after Elon Musk posted a suggestive image on Twitter indicating that he is tempted by bitcoin, which has tripled in value this year.

According to the Bloomberg Billionaires Index, Tesla witnessed an eightfold surge this year. These gains amplified Elon Musk’s fortune after adding nearly USD 140 billion to his USD 167 billion net worth, making him the 2nd richest person in the world.

In another news, on the 18th of December 2020, shares of Tesla witnessed a record high as investors geared up for the company’s much-awaited entrance into the benchmark S&P 500 Index.

Along similar lines, on the 20th of December 2020, the largest cryptocurrency rocketed to a high of USD 24,299.75, after crossing the USD 20,000 benchmark for the first time, amid increasing interest from big investors. This has pushed the price of the Bitwise 10 Crypto Index fund to as much as 650 percent more than the value of its holdings.

Source Credit: https://www.reuters.com/article/us-tesla-cryptocurrency-idUSKBN28U0XM