Bitcoin is making many heads turn throughout the world. Its meteoric surge is making individuals and institutions to think of viable ways to dive into the now lucrative crypto market. Among them is SpaceX and Tesla Inc CEO Elon Musk. Musk inquired over the weekend about changing large transactions” of Tesla Inc.’s balance sheet into Bitcoin (BTC).
He asked in a Twitter exchange with Michael Saylor, a prominent proponent of the digital currency. In a series of tweets, the chief executive officer of Microstrategy Inc., Saylor, encouraged the billionaire to shift some US dollars from the electric car maker to BTC and “do your shareholders a $100 billion favor.”
Saylor added in his tweet on December 20:
“Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.”
This exchange came after Elon Musk posted a suggestive image that indicated that he is now tempted by BTC, which has tripled in value in 2021. Musk tweeted in response to Saylor:
“Are such large transactions even possible?”
Are such large transactions even possible?
— Elon Musk (@elonmusk) December 20, 2021
Many people assured Musk they are, together with Saylor, who said that he had acquired more than $1.3 billion in Bitcoin and said that he was ready to share his ‘playbook’ offline.
The flagship cryptocurrency’s surge to record highs has the investors racing for some exposure to the rally; even if it means that they have to pay a high markup.
As the biggest crypto surged past $23K for the first time last week, the mania pushed the price of the Bitwise 10 Crypto Index Fund as much as 650%; above the value of its holdings, based on data compiled by Bloomberg.
Tesla is scheduled to begin trading as a member of the S&P 500 Index on December 21, 2021. The company had an eight-fold surge this year. These gains propelled Musk’s fortune after adding around $140 billion to reach $167 billion net worth. He is currently the second-richest person, according to the Bloomberg Billionaires Index.