Tesla and Elon Musk, CEO of Spacex, made a string of bitcoin tweets on Sunday. One of them concerns whether it is feasible to purchase Bitcoin in "big transactions," especially for Tesla to convert its US dollar reserves to Bitcoin.
Microstrategy's CEO told Musk that this move would be "a $100 billion favor" for Tesla's owners, which would transform into a "$1 trillion favor."
Elon Musk tweeted about bitcoin several times on Sunday, starting with “Bitcoin is my safe word,” making the same joke he previously made on several occasions.
This time he followed up with “Just kidding, who needs a safe word anyway?” His initial tweet garnered over 6.1k comments at the time of writing. It had been retweeted more than 21.1k times and liked 210.1k times.
A few hours later, Musk tweeted about bitcoin and dogecoin. One tweet reads: “Bitcoin is almost as bs as fiat money,” which many commenters have taken as a welcome insult to government money, particularly the U.S. dollar. Another tweet says: “One word: Doge.”
Musk also replied to a bitcoin price prediction made by Twitter user Mark Calloway. “I predict a crash, I also predict it will reach $50k in [the] next five years,” he wrote. The Tesla CEO replied, “Sounds about right.”
Elon Musk Ponders Tesla Putting Billions Into Bitcoin, Asking if Such Large Transactions Are Possible
Musk then tweeted a bitcoin meme that attracted Microstrategy CEO Michael Saylor to comment a few hours later. Saylor has become an avid bitcoin proponent after making the cryptocurrency his billion-dollar company’s primary Treasury reserve asset.
The Microstrategy CEO told Musk: “If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to BTC.
Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.” Musk responded to Saylor:
Are such large transactions even possible?
Saylor answered: “Yes. 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.”
A number of others chimed in 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 can definitely be done,” he noted.
Musk's bitcoin query ignited a lot of rumors on social media that the CEO of Spacex would soon purchase a huge sum of bitcoin, probably via his company Tesla.
However, some people claim that Musk wasn't serious about purchasing Tesla's money from bitcoin.
Gold bug Peter Schiff, for example, said, "It seems like Elon Musk was just joked about revealing Tesla's shareholders to bitcoin. But I don't have to persuade the board not to transform Tesla into a double bubble."
Tesla will formally become the S&P 500 constituent at Monday's opening, with an index weighting of 1,69 per cent, the fifth-largest.
Before Sunday, Musk tweeted about Bitcoin on a variety of times.
In May, Tesla's CEO stated, "I still own only 0.25 bitcoins," after replying to Harry Potter's author J.K. Rowling on how "massive currency issuance by the government of central banks is making bitcoin internet money look solid by comparison."
A tiny sum of BTC Musk's own was offered to him a few years ago by a neighbor, he clarified in February last year, adding that he had no other crypto holdings.
In February, he discussed a growing amount of scams utilizing bitcoin and other cryptocurrencies. A number of them used his reputation to support their bitcoin giveaway programs, raking in millions of dollars.
The Musk in question tweeted, "The crypto fraud pace on Twitter is hitting new heights.
This isn't cool." In November, the actress Maisie Williams of Game of Thrones asked Twitter if she was going to purchase bitcoin with "Toss a bitcoin to our Witcher."
Musk has tweeted regarding cryptocurrencies many times last year, such as "Who owns an early BTC deserves a Nobel prize in delayed gratification."
Besides bitcoin, the Tesla CEO has also tweeted about dogecoin a number of times over the years. To this day, his Twitter profile still displays: “Former CEO of Dogecoin.”
