Michael Saylor, the CEO who made a $425 million wager on Bitcoin earlier this yr, is providing to advise Elon Musk on learn how to get began investing in crypto.
In accordance with 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, based on 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 comply with.
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 yr. 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 net worth of greater than $153 billion however as of February 2019 solely personally held 0.25 BTC. Alternatively, Saylor, whose web value is 300 occasions much less — roughly $500 million, based on some estimates — has led enterprise intelligence agency MicroStrategy to make one of many largest Bitcoin investments from a significant monetary establishment this yr. The CEO has seen the worth of his preliminary $425 million BTC buy this yr greater than double with the crypto asset’s recent rally to $24,000.
Different crypto gamers had been fast to answer Musk’s inquiry concerning probably making such a big crypto buy.
Sam Bankman-Fried, CEO of Hong Kong-based cryptocurrency derivatives alternate FTX, told 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 executed.”
Nonetheless, identified gold bug Peter Schiff got here out towards the potential funding, referring to Bitcoin as a pyramid scheme and advising Musk to “[not] go away Tesla shareholders holding the identical bag as MicroStrategy shareholders.”
Saylor has been outspoken in his help of Bitcoin since saying 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 property 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 firms might want to convert their treasuries to BTC to remain solvent.”