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Bitcoin’s BTCUSD, +1.46% fierce rally is, again, drawing attention from investors of all stripes, including Elon Musk, who early Sunday asked about the possibility of converting “large transactions” of Tesla’s TSLA, +5.96% balance sheet into the cryptocurrency.
It all started when Musk tweeted a provocative meme about the allure of bitcoin. As the comments, likes and retweets piled up, Michael Saylor, chief executive of Microstrategy MSTR, +1.14% and big bitcoin fan, joined the discussion with an idea that caught Musk’s eye.
“If you want to do your shareholders a $100-billion favor, convert the $TSLA balance sheet from USD to #BTC,” Saylor said. “Other firms on the S&P 500 SPX, -0.35% would follow your lead & in time it would grow to become a $1-trillion favor.”
Musk then responded by asking if “such large transactions even possible?” Saylor was just one of several bitcoin backers who assured him that they are.
“I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline — from one rocket scientist to another,” Saylor said. Last week, he talked in more detail about the idea of corporations making the move to convert their cash piles into bitcoin:
While bitcoin fans were loving the discussion, there were plenty of others, including Euro Pacific Capital CEO Peter Schiff, who dismissed it as a joke:
Meanwhile, bitcoin just keeps moving deeper into uncharted territory, pushing past the $24,000 mark for the first time on Sunday.
