Michael Saylor, the CEO who made a $425 million wager on Bitcoin earlier this 12 months, is providing to advise Elon Musk on get began investing in crypto.
Based on a tweet posted immediately, Saylor proposed Musk convert Tesla’s steadiness 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 companies on the S&P 500” to observe.
Saylor then offered to “share [his] playbook” with the Tesla CEO “from one rocket scientist to a different,” stating he had bought $1.3 billion in Bitcoin this 12 months. The MicroStrategy CEO holds twin levels from MIT in aeronautics and astronautics, and science, know-how, and society.
Musk, the CEO of Tesla and SpaceX, has an estimated net worth of greater than $153 billion however as of February 2019 solely personally held 0.25 BTC. However, Saylor, whose web value is 300 instances much less — roughly $500 million, in accordance with some estimates — 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 recent 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 trade FTX, told the billionaire that he may execute such a plan “over the course of every week.” Gemini co-founder Tyler Winklevoss additionally jumped into the dialog, advising Musk that there was “loads of liquidity to get that performed.”
Nevertheless, identified gold bug Peter Schiff got here out in opposition to the potential funding, referring to Bitcoin as a pyramid scheme and advising Musk to “[not] depart Tesla shareholders holding the identical bag as MicroStrategy shareholders.”
Saylor has been outspoken in his help of Bitcoin since asserting MicroStrategy made its first $250 million Bitcoin buy as a reserve asset in August. He has commented that tech firms like Apple could see a $100 billion gain in market capitalization by integrating Bitcoin into Apple Pay, constructing a safe crypto pockets into the iPhone, and shopping for the crypto belongings with the tech big’s Treasury Reserves.
“Massive Tech might want to combine their merchandise with Bitcoin to remain aggressive,” said Saylor on Friday. “All corporations might want to convert their treasuries to BTC to remain solvent.”