Elon Musk Ponders Tesla Placing Billions Into Bitcoin, Asking if Such Massive Transactions Are Potential

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Elon Musk, CEO of Tesla and Spacex, posted a series of tweets about Bitcoin on Sunday. One of these concerns the question of whether it is possible to buy Bitcoin in “large transactions”, especially for Tesla to convert its US dollar reserves into Bitcoin. Microstrategy CEO told Musk that the move would translate into a “$ 100 billion favor” for Tesla shareholders, which would result in a $ 1 trillion favor.

Elon Musk’s Bitcoin Tweets

Elon Musk tweeted about Bitcoin several times on Sunday, starting with “Bitcoin is my safe word” and made the same joke he made several times before. This time he followed with “Just kidding, who needs a safe word?” His first tweet received over 6.1,000 comments at the time of writing. It has been retweeted more than 21.1,000 times and liked 210.1,000 times.

A few hours later, Musk tweeted about Bitcoin and Dogecoin. One tweet read, “Bitcoin is almost as bad as fiat money,” which many commentators have seen as a welcome insult to government funds, especially the US dollar. Another tweet says, “One word: Doge.”

Musk also responded to a Bitcoin price prediction from Twitter user Mark Calloway. “I predict a crash, I also expect it to reach $ 50,000 [the] the next five years, ”he wrote. The Tesla CEO replied, “Sounds about right.”

Elon Musk ponders how Tesla is putting billions in Bitcoin and asks if such large transactions are possible

Musk then tweeted a bitcoin meme that led Microstrategy CEO Michael Saylor to comment a few hours later. Saylor has grown into an avid Bitcoin advocate after making cryptocurrency his primary reserve asset for the billion dollar company.

Microstrategy CEO told Musk, “If you want to do your shareholders a $ 100 billion favor, convert the TSLA balance sheet from USD to BTC. Other firms in the S&P 500 would follow suit, and in time it would become a $ 1 trillion favor. “Musk replied to Saylor:

Are such large transactions even possible?

Saylor replied, “Yes. I’ve bought over $ 1.3 billion in BTC in the past few months and I’d love to share my game book with you offline – from one rocket scientist to another. A number of others joined in to answer Musk’s question, including Binance CEO Changpeng Zhao, who recommended Musk his own exchange. “Probably not a good idea to do this in one transaction, but it can definitely be done,” he noted.

Musk’s Bitcoin question has sparked a lot of speculation on social media that the Spacex CEO might soon be buying a large amount of Bitcoin, possibly through his company Tesla. However, some people believe that Musk wasn’t serious about buying Bitcoin with Tesla’s money. For example, gold bug Peter Schiff said: “It seems like Elon Musk was just joking about exposing Tesla shareholders to Bitcoin. So I don’t have to convince the board not to turn Tesla into a double bubble. “

Tesla officially becomes an S&P 500 constituent on Monday, with a weight of 1.69% in the index, the fifth largest.

Musk tweeted about Bitcoin several times before Sunday. Tesla CEO confirmed in May, “I still only own 0.25 bitcoins,” after responding to Harry Potter writer JK Rowling that “the massive issuance of currency by state central banks results in bitcoin internet money looks solid by comparison. ” The small amount of BTC Musk he owns was given to him by a friend a few years ago, he explained in February last year, noting that he had no other crypto holdings.

In February, he addressed the increasing number of scams using Bitcoin and other cryptocurrencies. Many of them used his name to promote their Bitcoin giveaways and raise millions of dollars. The affected Musk tweeted, “The crypto scam level on Twitter is reaching new levels. That’s not cool. ”In November, he replied to Game of Thrones actress Maisie Williams, who asked on Twitter if she should buy bitcoin, with“ Throw a bitcoin at your witcher ”.

Musk has also tweeted about cryptocurrency several times in the past year, for example, “Those who own early BTC deserve a Nobel Prize for belated gratification.” In addition to Bitcoin, the Tesla CEO has tweeted about Dogecoin several times over the years. To this day, his Twitter profile shows: “Former CEO of Dogecoin”.

Do you think Elon Musk’s Tesla will soon invest heavily in Bitcoin? Let us know in the comments below.

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