The CEO of MicroStrategy took part in an interesting discussion on Twitter, offering BTC advice to the founder of Tesla and SpaceX.
Michael Saylor, CEO of MicroStrategy, has offered to give Elon Musk advice on how to start investing in crypto.
In a tweet posted yesterday, Saylor suggested that Musk convert the balance sheets of Tesla, a company whose market capitalisation is currently estimated at over $658 billion, into Bitcoin (BTC). According to Saylor, if a figure like Musk took steps to adopt Bitcoin, „other companies in the S&P500“ would follow.
Saylor went on to suggest that he would „share [his] playbook“ with Tesla’s CEO, „from one scientist to another,“ stating that he has purchased $1.3 billion in Bitcoin this year. The MicroStrategy CEO holds a double degree from MIT in „aeronautics and astronautics“, and in „science, technology and society“.
Musk, the CEO of Tesla and SpaceX, has an estimated net worth of more than $153 billion, but until February 2019 held only 0.25 BTC. On the other hand, Saylor, whose net worth is 300 times less, or about $500 million, led business intelligence firm MicroStrategy to make one of the largest Bitcoin investments this year. The CEO has seen the value of his initial $425 million purchase more than double, thanks to BTC’s recent rally to $24,000.
Other well-known names in the crypto world quickly responded to Musk’s enquiry about the possibility of making such a substantial crypto purchase. Sam Bankman-Fried, CEO of FTX, a Hong Kong-based crypto derivatives exchange, told Crypto Engine the billionaire that he could execute such a plan „in a single week.“ Gemini co-founder Tyler Winklevoss also jumped into the conversation, explaining to Musk that „there’s enough liquidity to do it.“
However, there are also those who have spoken in the opposite direction: it is the „gold bug“, Peter Schiff, who spoke of Bitcoin as a pyramid scheme and advised Musk to „[not] let Tesla shareholders end up like MicroStrategy shareholders“.
Saylor has been openly pro-Bitcoin since announcing in August that MicroStrategy had completed its first $250 million purchase of Bitcoin for reserve assets. According to the executive, a company like Apple could earn $100 billion in market cap by integrating Bitcoin into Apple Pay, building a secure crypto wallet directly into the iPhone, and buying crypto assets with reserves in its treasury.
On Friday, Saylor further stated:
„Big Tech will need to integrate its products with Bitcoin to remain competitive. All companies will need to convert their treasuries to BTC to remain solvent.“