MicroStrategy CEO presents to share his Bitcoin playbook with billionaire Elon Musk
Michael Saylor, the CEO who placed a $ 425 million bet on Bitcoin earlier this year, offers to advise Elon Musk on how to start investing in crypto.
According to a tweet posted today, Saylor Musk proposed converting Tesla’s balance sheet to Bitcoin (BTC) – a company whose market capitalization is currently more than $ 658 billion, according to AssetDash. MicroStrategy’s CEO implied that a number like Musk taking the lead in introducing Bitcoin could lead to “other companies in the S&P 500” following.
Saylor then offered to “share [his] Playbook ”with the Tesla CEO“ from one rocket scientist to another, ”stating that he bought Bitcoin worth $ 1.3 billion this year. The MicroStrategy CEO has two degrees from MIT in the fields of aerospace and science, technology and society.
Musk, the CEO of Tesla and SpaceX, has an estimated net worth of more than $ 153 billion but only held 0.25 BTC in person as of February 2019. On the flip side, Saylor, whose net worth is 300 times less – around $ 500 million – prompted business intelligence firm MicroStrategy to make one of the largest Bitcoin investments by any major financial institution this year. The CEO more than doubled the value of his first BTC purchase of $ 425 million this year after the crypto asset recently rebounded to $ 24,000.
Other crypto players were quick to respond to Musk’s inquiry about whether they could possibly make such a large crypto purchase.
Sam Bankman-Fried, CEO of the Hong Kong-based cryptocurrency derivatives exchange FTX, told the billionaire he could execute such a plan “within a week.” Gemini co-founder Tyler Winklevoss also jumped into the conversation, telling Musk that “there is enough cash to make this happen.”
The well-known gold bug Peter Schiff, however, spoke out against the potential investment. He described Bitcoin as a pyramid scheme and advised Musk to “keep the Tesla shareholders in the same pocket as the MicroStrategy shareholders”.
Saylor has been open to bitcoin since MicroStrategy made its first Bitcoin purchase of $ 250 million as reserve in August. He has commented that tech firms like Apple could make a $ 100 billion market cap gain by integrating Bitcoin with Apple Pay, adding a secure crypto wallet to the iPhone, and using the tech’s treasury reserves Buy giants.
“Big Tech needs to integrate its products with Bitcoin in order to remain competitive,” said Saylor on Friday. “All companies have to convert their government bonds to BTC in order to remain liquid.”