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Tesla's Elon Musk asks about converting 'large transactions' to bitcoin

EconomyDec 20, 2020 07:10PM ET
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2/2 © Reuters. Red carpet for the Axel Springer award, in Berlin 2/2

By Suzanne Barlyn

(Reuters) - Elon Musk on Sunday asked about the possibility of converting "large transactions" of Tesla (NASDAQ:TSLA) Inc's balance sheet into bitcoin, according to a Twitter exchange between Musk and a well-known advocate for the digital currency.

Michael Saylor, chief executive officer of MicroStrategy Inc, in a tweet to Musk, suggested that the billionaire Tesla founder and head, make the move.

"If you want to do your shareholders a $100 billion favor, convert the $TSLA balance sheet from USD to #BTC," Saylor wrote in his tweet. "Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor."

"Are such large transactions even possible?" Musk replied to Saylor.

"Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline....," Saylor tweeted.

Tesla and Musk could not be reached for comment.

"Every CEO faces the challenge of how to preserve & enhance shareholder value in the face of this year’s unprecedented monetary expansion," Saylor said in a message to Reuters.

"Bitcoin is the best solution to the store of value problem faced by every individual, investor, & corporation on earth," Saylor said.

Shares of Tesla rose to a record high on Friday in a frantic day of trading as investors geared up for the electric carmaker's much anticipated entrance into the benchmark S&P 500 index on Monday.

Bitcoin rose to a high of $24,299.75 on Sunday, after passing the $20,000 milestone for the first time last week, amid surging interest from larger investors. Bitcoin was last at $23,60.98 up 2.88%.

Tesla's Elon Musk asks about converting 'large transactions' to bitcoin
 

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Comments (13)
Rodolfo Barraco
Rodolfo Barraco Dec 23, 2020 9:31AM ET
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SEC will never allow casino playing with shareholders money. Crazy world
Scott martin
Scott martin Dec 22, 2020 9:05PM ET
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Store your balance sheet reserves in a crazy volatile medium like bitcoin? I dont this perspective even comes up with bitcoin at 7500-9000
Alan Rice
Alan Rice Dec 21, 2020 7:00PM ET
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Are you getting this SEC ??
Ivan Rush
Ivan Rush Dec 21, 2020 3:33AM ET
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I see another financial crisis lerking around the corner
Brandon Bazzoli
Brandon Bazzoli Dec 20, 2020 11:58PM ET
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Bitcoin is a ponzi scheme. Crazy to me.
YC Teng
YC Teng Dec 20, 2020 11:14PM ET
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Bitcoin can be subject to regulation, this will legalise Bitcoin and make this the currency for Western governments, primarily US. Question is how to do this in an orderly basis?
Adrián Ruiz Carvajal
Adrián Ruiz Carvajal Dec 20, 2020 11:14PM ET
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Can regulate exchanges, not bitcoin
Harvinder singh
Harvinder singh Dec 20, 2020 11:14PM ET
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not gonna happen these are financial report and using a currency which is so volatile will represent wrong information every ******time bitcoin is not a magic which will cure the credit cycle no business can survive without getting credit since bitcoin supply is fixed this not gonna happen and people won't be able to make even debt service payment fixed supply means one person's loss is another gain
Prakash J Chaudhari
Prakash J Chaudhari Dec 20, 2020 11:01PM ET
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Before any new technology — usual reaction is denial . Blockchain is real; Digital currency is real; Why would soneone not use digital transection to avoid fees of large banks such as wire transfer, real estAte transection, credit card replacement, stock trading and so on. Crypto have crossed the first phase of denial . Now paypal , square , AMD are big in to crypto. Next 30 yrs is Crypto era followed by Bust !
Edward Chong
Edward Chong Dec 20, 2020 11:01PM ET
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becos banks are real and i can feel the door of the bank !
Tuan Pham
Tuan Pham Dec 20, 2020 10:22PM ET
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One regulation and bitcoin will be gone.
Damian Ferreira
Damian Ferreira Dec 20, 2020 8:48PM ET
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Bitcoin isn't even regulated lol. Get this guy out of here.
David David
David9 Dec 20, 2020 8:18PM ET
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we need to investigate this Sayer guy...he is pumping and dumping bitcoin...
Luis Angulo
Luis Angulo Dec 20, 2020 7:25PM ET
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Game Theory! First movers will be the winners
Thierry Van Veen
Thierry Van Veen Dec 20, 2020 7:25PM ET
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exactly now is too late
Darryl Allen
Darryl Allen Dec 20, 2020 7:07PM ET
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How is BTC a reliable store of value when it is far more volatile than USD?
Luis Angulo
Luis Angulo Dec 20, 2020 7:07PM ET
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Read the Bitcoin Standard! Other option is read Price of Tomorrow
Zach Lohman
Zach Lohman Dec 20, 2020 7:07PM ET
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Anything that combines cryptography as a foundation with decentralization is not a good store of value. Ironically Claude Shannon that came up with the bit that the bitcoin name comes from demonstrated what I’m talking about.
Kaveh Sun
Kaveh Sun Dec 20, 2020 6:26PM ET
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He already bought and try to tell others to buy so he can sell higher for a hefty profit,
Luis Angulo
Luis Angulo Dec 20, 2020 6:26PM ET
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True is good for him but I don't think he want to Sell in the near Future. You have to understand what is Bitcoin
Ricky Singh
Ricky Singh Dec 20, 2020 6:26PM ET
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Luis Angulo  Bitcoin is 0's and 1's with no value than that other people know you possess those 0's and 1's. Ultimate fool's gold.
Kurt Buechler
Kurt Buechler Dec 20, 2020 6:26PM ET
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He’s a visionary. And a genius. But a total tool!
 
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