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Elon Musk Ponders Tesla Putting Billions Into Bitcoin, Asking if Such Large Transactions Are Possible

Elon Musk Ponders Tesla Putting Billions Into Bitcoin, Asking if Such Large Transactions Are Possible

Tesla and Spacex CEO Elon Musk made a collection of tweets about bitcoin on Sunday. One of them issues whether or not it’s attainable to purchase bitcoin in “giant transactions,” significantly for Tesla to transform its U.S. greenback reserves into bitcoin. Microstrategy’s CEO instructed Musk that this transfer can be “a $100 billion favor” to Tesla’s shareholders that will develop right into a “$1 trillion favor.”

Elon Musk’s Bitcoin Tweets

Elon Musk tweeted about bitcoin a number of occasions on Sunday, beginning with “Bitcoin is my protected phrase,” making the identical joke he beforehand made on a number of events. This time he adopted up with “Just kidding, who wants a protected phrase anyway?” His preliminary tweet garnered over 6.1k feedback on the time of writing. It had been retweeted greater than 21.1k occasions and preferred 210.1k occasions.

A number of hours later, Musk tweeted about bitcoin and dogecoin. One tweet reads: “Bitcoin is nearly as bs as fiat cash,” which many commenters have taken as a welcome insult to authorities cash, significantly the U.S. greenback. Another tweet says: “One phrase: Doge.”

Musk additionally replied to a bitcoin value prediction made by Twitter person Mark Calloway. “I predict a crash, I additionally predict it is going to attain $50ok in [the] subsequent 5 years,” he wrote. The Tesla CEO replied, “Sounds about proper.”

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Elon Musk Ponders Tesla Putting Billions Into Bitcoin, Asking if Such Large Transactions Are Possible

Musk then tweeted a bitcoin meme that attracted Microstrategy CEO Michael Saylor to remark a number of hours later. Saylor has develop into an avid bitcoin proponent after making the cryptocurrency his billion-dollar firm’s major Treasury reserve asset.

The Microstrategy CEO instructed Musk: “If you need to do your shareholders a $100 billion favor, convert the $TSLA steadiness sheet from USD to BTC. Other corporations on the S&P 500 would comply with your lead & in time it will develop to develop into a $1 trillion favor.” Musk responded to Saylor:

Are such giant transactions even attainable?

Saylor answered: “Yes. I’ve bought over $1.three billion in BTC in previous months & can be joyful to share my playbook with you offline – from one rocket scientist to a different.” Plenty of others chimed in to reply Musk’s query, together with Binance CEO Changpeng Zhao, who really helpful his personal trade to Musk. “Probably not a good suggestion to do it in a single transaction, however can undoubtedly be carried out,” he famous.

Musk’s bitcoin query has sparked a lot hypothesis on social media that the Spacex CEO may quickly purchase a considerable amount of bitcoin, presumably via his firm Tesla. However, some folks imagine that Musk was not severe about shopping for bitcoin with Tesla’s cash. Gold bug Peter Schiff, for instance, opined: “It looks as if Elon Musk was solely joking about exposing Tesla shareholders to bitcoin. So I don’t have to persuade the board to not flip Tesla right into a double bubble.”

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Tesla will formally develop into an S&P 500 constituent at Monday’s open with a 1.69% weighting within the index, which is the fifth-largest.

Prior to Sunday, Musk has tweeted about bitcoin on plenty of events. The Tesla CEO confirmed in May, “I nonetheless solely personal 0.25 bitcoins,” after replying to Harry Potter writer J.Okay. Rowling about how “large foreign money issuance by govt central banks is making bitcoin web cash look strong by comparability.” The small quantity of BTC Musk owns was given to him a number of years in the past by a buddy, he defined in February final 12 months, noting that he didn’t have every other crypto holdings.

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In February, he addressed the rising variety of scams leveraging bitcoin and different cryptocurrencies. Many of them used his title to advertise their bitcoin giveaway schemes, raking in thousands and thousands of {dollars}. The involved Musk tweeted: “The crypto rip-off degree on Twitter is reaching new ranges. This isn’t cool.” In November, he responded to Game of Thrones actress Maisie Williams asking on Twitter if she should purchase bitcoin with “Toss a bitcoin to ur Witcher.”

Musk additionally tweeted about cryptocurrency a number of occasions final 12 months final, equivalent to “Whoever owns the early BTC deserves a Nobel prize in delayed gratification.” Besides bitcoin, the Tesla CEO has additionally tweeted about dogecoin plenty of occasions through the years. To today, his Twitter profile nonetheless shows: “Former CEO of Dogecoin.”

Do you assume Elon Musk’s Tesla will quickly make investments considerably in bitcoin? Let us know within the feedback part beneath.

The publish Elon Musk Ponders Tesla Putting Billions Into Bitcoin, Asking if Such Large Transactions Are Possible appeared first on Bitcoin News.

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