Elon Musk’s suggestive tweet leads to discussion of possible ‘trillion dollar favor’ for Tesla shareholders

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Bitcoin’s BTCUSD,
+ 1,08%
a fierce rally is once again drawing the attention of investors of all stripes, including Elon Musk, who questioned on Sunday morning the possibility of converting Tesla’s “big deals” from TSLA,
+ 5,96%
balance sheet in cryptocurrency.

It all started when Musk tweeted a provocative meme about the allure of bitcoin. As comments, likes and retweets piled up, Michael Saylor, Managing Director of Microstrategy MSTR,
+ 1,14%
and a huge Bitcoin fan, joined the discussion with an idea that caught Musk’s attention.

“If you want to serve your $ 100 billion shareholders a favor, convert the $ TSLA balance sheet from USD to BTC,” Saylor said. “Other companies on the S&P 500 SPX,
-0,35%

would follow your lead and over time it would become a $ 1 trillion favor. ”
Musk then responded by asking if “such large deals are even possible?” Saylor was just one of the many backers of Bitcoin who assured him that they are.

“I have purchased over $ 1.3 billion in BTC over the past few months and would be happy to share my playbook with you offline – from rocket scientist to rocket scientist,” Saylor said. Last week, he spoke in more detail about the idea that companies set out to convert their stacks of money into bitcoin:

While Bitcoin fans loved the discussion, there were plenty more, including Euro Pacific Capital CEO Peter Schiff, who dismissed it as a joke:

Meanwhile, bitcoin continues to move deeper into uncharted territory, surpassing the $ 24,000 mark for the first time on Sunday.



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