Tesla and Spacex CEO Elon Musk made a series of tweets about bitcoin on Sunday. One concerns whether it is possible to buy bitcoin in “large transactions”, particularly for Tesla to convert its US dollar reserves into bitcoin. The Microstrategy CEO told Musk that this move would be “a $ 100 billion favor” to Tesla shareholders, turning into 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”, making the same joke he made on several occasions before. This time he continued with “Just kidding, who actually needs a safe word?” At the time of writing, his first tweet got more than 6.1 thousand responses. It was retweeted 21.1k times and liked 210.1k times.
A few hours later, Musk tweeted about bitcoin and dogecoin. A tweet reads, “Bitcoin is almost as BS as fiat money,” which many commentators have taken as a welcome insult to government money, 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 predict it will hit $ 50,000 [the] next five years, ‘he wrote. Tesla’s CEO replied, “Sounds good.”
Musk then tweeted a bitcoin meme that attracted Microstrategy CEO Michael Saylor to comment a few hours later. Saylor has become a staunch supporter of bitcoin after making cryptocurrency his main business of his billion dollar Reserve treasury Business asset.
The CEO of Microstrategy told Musk, “If you want to do your shareholders a favor of $ 100 billion, convert the $ TSLA balance from USD to BTC. Other companies on the S&P 500 would follow your lead, and over time this would grow to a $ 1 trillion favor. Musk responded to Saylor:
Are such large transactions even possible?
Saylor replied, “Yes. I’ve bought over $ 1.3 billion in BTC in recent months and would love to share my playbook with you offline – from one rocket scientist to another. A number of others agreed to answer Musk’s question, including Binance CEO Changpeng Zhao, who recommended his own exchange to Musk. “Probably not a good idea to do it in one transaction, but it can certainly be done,” noted he on.
Musk’s bitcoin demand has sparked much speculation on social media that Spacex’s CEO could soon buy a large amount of bitcoin, possibly through his company Tesla. However, some people think that Musk didn’t take it seriously to buy bitcoin with Tesla’s money. Gold bug Peter Schiff, for example, opined, “It seems Elon Musk was only 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 one S&P 500 ingredient open on Monday with a weighting of 1.69% in the index, the fifth largest.
Prior to Sunday, Musk tweeted about bitcoin a number of times. Tesla CEO confirmed in May, “I still only own 0.25 bitcoins,” after a response to the Harry Potter author JK Rowling on how “massive currency issuance by central banks makes bitcoin internet money look solid by comparison.” The small amount BTC Musk’s ownership was given to him by a friend several years ago, he explained in February last year, noting that he had no other cryptocurrency.
In February, he focused on the rising number of scams using bitcoin and other cryptocurrencies. Many of them used his name to promote and reel in their bitcoin giveaways millions of dollars. The concerned Musk tweeted, “The crypto scam level on Twitter is reaching new levels. This is not cool. In November, he responded to the Game of Thrones actress Maisie Williams on Twitter asking if she should buy bitcoin with “Throw a bitcoin at your Witcher.”
Musk also tweeted about cryptocurrency several times last year, such as “Whoever Ownes the Early BTC deserves a Nobel Prize for deferred gratification. In addition to bitcoin, Tesla’s CEO has also tweeted about dogecoin a number of times over the years. To this day, his Twitter profile still shows, “Former CEO of Dogecoin.”
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