Michael Saylor, the CEO who made a $425 million wager on Bitcoin earlier this 12 months, is providing to advise Elon Musk on the best way to get be
Michael Saylor, the CEO who made a $425 million wager on Bitcoin earlier this 12 months, is providing to advise Elon Musk on the best way to get began investing in crypto.
Based on a tweet posted right this moment, Saylor proposed Musk convert Tesla’s stability sheet into Bitcoin (BTC) — an organization whose market capitalization is at the moment valued at greater than $658 billion, in accordance with AssetDash. The MicroStrategy CEO implied a determine like Musk taking the lead on Bitcoin adoption may trigger “different corporations on the S&P 500” to observe.
Saylor then provided to “share [his] playbook” with the Tesla CEO “from one rocket scientist to a different,” stating he had bought $1.three billion in Bitcoin this 12 months. The MicroStrategy CEO holds twin levels from MIT in aeronautics and astronautics, and science, expertise, and society.
Musk, the CEO of Tesla and SpaceX, has an estimated internet price of greater than $153 billion however as of February 2019 solely personally held 0.25 BTC. Alternatively, Saylor, whose internet price is 300 occasions much less — roughly $500 million — has led enterprise intelligence agency MicroStrategy to make one of many largest Bitcoin investments from a significant monetary establishment this 12 months. The CEO has seen the worth of his preliminary $425 million BTC buy this 12 months greater than double with the crypto asset’s latest rally to $24,000.
Different crypto gamers have been fast to reply to Musk’s inquiry concerning probably making such a big crypto buy.
Sam Bankman-Fried, CEO of Hong Kong-based cryptocurrency derivatives alternate FTX, informed the billionaire that he may execute such a plan “over the course of per week.” Gemini co-founder Tyler Winklevoss additionally jumped into the dialog, advising Musk that there was “loads of liquidity to get that performed.”
Nonetheless, recognized gold bug Peter Schiff got here out in opposition to the potential funding, referring to Bitcoin as a pyramid scheme and advising Musk to “go away Tesla shareholders holding the identical bag as MicroStrategy shareholders.”
Saylor has been outspoken in his assist of Bitcoin since saying MicroStrategy made its first $250 million Bitcoin buy as a reserve asset in August. He has commented that tech corporations like Apple may see a $100 billion acquire in market capitalization by integrating Bitcoin into Apple Pay, constructing a safe crypto pockets into the iPhone, and shopping for the crypto property with the tech large’s Treasury Reserves.
“Large Tech might want to combine their merchandise with Bitcoin to remain aggressive,” stated Saylor on Friday. “All corporations might want to convert their treasuries to BTC to remain solvent.”