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 suggested Musk converts Tesla’s balance sheet into Bitcoin (BTC) – a company whose market capitalization is currently appreciated more than $ 658 billion according to AssetDash. The MicroStrategy CEO suggested that a figure like Musk leading the way in Bitcoin adoption could lead “other companies to follow the S&P 500”.
Saylor then offered parts [his] playbook “featuring Tesla’s CEO” from one rocket scientist to another, “stating he had bought $ 1.3 billion in Bitcoin this year. The MicroStrategy CEO has a double degree from MIT in aerospace, and science, technology and society.
Musk, the CEO of Tesla and SpaceX, has an estimated power in excess of $ 153 billion, but as of February 2019 only in person detained 0.25 BTC. On the other hand, Saylor, whose net worth is 300 times less – roughly $ 500 million by some estimates – has led business intelligence firm MicroStrategy to make one of the largest Bitcoin investments of any major financial institution this year. The CEO has seen the value of his initial $ 425 million purchase of BTC more than double this year with the the recent rally in crypto assets up to $ 24,000.
Other crypto players were quick to respond to Musk’s question about enabling such a large crypto purchase.
Sam Bankman-Fried, CEO of Hong Kong-based cryptocurrency derivatives exchange FTX, told the billionaire that he could implement such a plan “in the course of a week.” Gemini co-founder Tyler Winklevoss also jumped into the conversation, advisory Musk said there was “enough liquidity to make that happen.”
However, the well-known gold beetle Peter Schiff came out against the potential investment, referring to Bitcoin as a pyramid scheme and advised Musk to “[not] leaves Tesla shareholders with the same bag as MicroStrategy shareholders. “
Saylor has been candid in his support of Bitcoin since the announcement that MicroStrategy first made $ 250 million of Bitcoin purchase as a reserve in August. He has noted that tech companies like Apple could see a profit of $ 100 billion in market capitalization by integrating Bitcoin into Apple Pay, building a secure crypto wallet in the iPhone, and purchasing the crypto assets from the tech giant’s Treasury Reserves.
“Big Tech will have to integrate their products with Bitcoin to stay competitive,” said Saylor on Friday. “All companies will have to convert their Treasury Bills into BTC to remain solvent.”