However, at the current moment, there is no indication whether Elon Musk will take the MicroStrategy BTC investment advice.
There was a conversation among top Twitter icons over the weekend that featured Michael Saylor, the Chief Executive Officer of MicroStrategy Incorporated (NASDAQ: MSTR) offering to share his Bitcoin (BTC) investment playbook with Elon Musk, the iconic CEO of Tesla Inc (NASDAQ: TSLA).
The entire conversation was initiated by Elon Musk when he posted a meme suggesting that he is distracted by Bitcoin (BTC). Saylor jumped into the conversation by advising Musk to convert Tesla’s balance sheet from USD to Bitcoin (BTC), a move that will serve as a $100 billion favor for the electric vehicle maker’s shareholders.
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.
— Michael Saylor (@michael_saylor) December 20, 2020
Saylor added further in response to Elon Musk’s inquiry whether such huge transactions are possible with Bitcoin, saying that he (Saylor) has “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.”
Just as we have seen in the past months, the continuous involvement of Wall Street firms have contributed to the recent bullish surge in the price of Bitcoin, and Saylor’s belief is that a similar move by Tesla can push other top firms to follow suit.
The Chief Executive Officers of renowned crypto firms including Gemini exchange, FTX Derivatives exchange, and Binance also waded into the discourse with FTX Derivatives Exchange CEO, Sam Bankman-Fried offering to help facilitate the transaction should Elon Musk eventually decide to make the Bitcoin purchases.
MicroStrategy BTC Investments: a Growing Model for Wall Street
The offer of advice made to Elon Musk by Michael Saylor is warranted going by the move by the CEO to champion Bitcoin investments in his company and in favor of the firm’s shareholders. Per educational qualification, Michael Saylor has an equally impressive profile compared to Elon Musk as he obtained a double degree from MIT in aeronautics and astronautics, and science, technology, and society.
With his educational disposition and MicroStrategy’s model in providing business intelligence and software services to enterprises, the current $475 million bitcoin purchases made with additional plans to use investor’s funds to buy up more of the coins remains a model for other Wall Street firms.
There is no indication at press time whether Elon Musk will take the MicroStrategy BTC investment advice, but it may happen that he will be drawn to add to his existing Bitcoin holdings pegged at about 0.25 BTC.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.