Elon Musk And Michael Saylor Discuss Purchasing Bitcoin… in Billions

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Always fun to read how billionaires think. Yesterday that became obvious from a tweet response and answer between Michael Saylor, the Microstrategy CEO, and Elon Musk, the Tesla CEO (and other ventures). Musk asked Saylor whether large transactions in crypto were possible as the former had proposed a $100 billion transaction, to which the other replied:

Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline – from one rocket scientist to another.

That of course makes you realize how small your own trades are but still, as already stated, nice to see how billionaires feel about Bitcoin these days.

Advertentie.

Funny meme

It all started with a funny meme that Musk had placed on Twitter, showing a monk and a woman in… shall we say a dangerous pose. The monk was trying to live a fruitful life without sin or distraction, whilst the woman’s backside showed a sticker reading… Bitcoin.

Saylor saw it and replied to Musk:

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

Intelligence company

Saylor is biased given that his company Microstrategy, a stock market listed US business intelligence company, put $500 million of Bitcoin on its balance sheet as a regular asset in the autumn, and thus helped to kickstart the current Bitcoin bull market. But if he can convince Musk of its usage, then we could have another thing going of course.

MicroStrategy Inc. has invested around $ 475,000,000 in Bitcoin which is a total of 40,824 BTC. Based on the current Bitcoin price, it’s worth around $ 969,912,000 and with a profit of $ 494,912,000 (104%).

Hedge fund legends like Druckenmiller and Tudor Jones have joined Microstrategy’s chief executive Michael Saylor and countless others to see Bitcoin as a store of value in 2020, as it cannot be debased like fiat currencies can.

Shifting the price

The fact that so many major companies have now entered the crypto market means that it is becoming more trustworthy. Saylor explained in various podcasts recently that when he was buying bitcoin at Microstrategy in earlier years, the market data and infrastructure of those platforms in 2016 and 2017 was, in his word, pure “garbage”.

He famously stated that he could not buy more than $US30m a day, in a market now worth $US38bn, without shifting the price.

Let’s see if he can convince Elon Musk to join in. Highly doubtful though, as Musk replied with his own version of Edward Snowden’s answer of last week. Musk jokingly said: one word: Doge.

hello.artmagination.com / Depositphotos.com