The founder of Tesla, Elon Musk recently made inquiries about converting “large transactions” of Tesla’s balance sheet into Bitcoin from Michael Saylor, a prominent supporter of the digital currency.
What you must know: In a series of tweets seen by Nairametrics, Micheal Saylor, chief executive officer of Microstrategy Inc., advised the tech entrepreneur to reallocate his company’s treasury assets to Bitcoin and “do Tesla’s shareholders a huge favor.
The tweet said:
If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to Bitcoin. Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.
- The tech billionaire worth $167 billion at the time of writing this report further inquired if the Bitcoin market could handle huge transactions.
- At the time of writing this report, Bitcoin traded at $23,891.71 with a daily trading volume of $39.4 billion. Bitcoin is up 2.94% for the day, with a market value of about $444 billion. It has a circulating supply of 18,576,862 BTC coins and a maximum supply of 21,000,000 BTC.
Michael Saylor had a month ago, disclosed how billionaires, could turn the price of Bitcoin up at least three folds. His bias was based on the aurora these billionaires bring notably in the global financial world.
In the Youtube interview, he started his narrative by explaining deeply the effect such billionaires would have on the flagship crypto market
“It’s important that 100 million people embrace Bitcoin but there are 10 people that can triple the price of Bitcoin. This is not like Facebook, nobody ever brought a billion friends to Facebook. This is like when a person with $10 billion decides that they want to adopt this network and they put $2 or $3 billion on the network, that’s going to be more monetary energy that flowed into the network than the first 10 million people put into the network. It’s ten million to one gain,” Saylor said.
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