cryptoglobe.com
After Tesla Co-Founder and CEO Elon Musk made a series of questionable cryptocurrency-related tweets on Sunday (December 20), MicroStrategy CEO Michael Saylor tweeted to him that it would be a good idea to use Tesla’s cash to buy Bitcoin.
Here are two examples of Musk’s tweets:
Just kidding, who needs a safe word anyway!?
— Elon Musk (@elonmusk) December 20, 2020
In response, Saylor, whose company has so far “purchased over $1.3 billion in #BTC” (for use as MicroStrategy’s main treasury reserve asset) in the past few months, suggested that it would be in the interests of Tesla’s shareholders if Musk did the same thing:
“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”
And he went on to advise Musk privately how to do this:
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.
— Michael Saylor (@michael_saylor) December 20, 2020
Well-known gold bug Peter Schiff, who is one of Bitcoins harshest critics, did not appreciate Saylor’s offer of help/advice one bit:
Elon, don't fall for this con. Michael, like all involved in the #Bitcoin pyramid scheme, must recruit new buyers into the scheme to keep it going. Do leave Tesla shareholders holding the same bag as Mircrostrategy shareholders.
— Peter Schiff (@PeterSchiff) December 20, 2020
However, Binance Co-Founder and CEO Changpeng Zhao (aka “CZ”) feels that it is only a matter of time before Tesla buys crypto:
Telsa / @elonmusk will buy crypto. Just a matter of time. This is one of the few prediction I am happy to put my name on.
— CZ Binance (@cz_binance) December 20, 2020
The real question is: do you want to be before or after them?
According to Tesla’s Q3 2020 earnings report, the company ended the quarter with $14.5 billion in cash and cash equivalents.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.