Posted 4 months ago | by @devadmin
Tesla and SpaceX CEO Elon Musk tweeted a series of tweets about Bitcoin on Sunday, pondering whether or not Bitcoin could handle a billion dollars of transactions if his companies were to convert some of its U.S. dollar reserves into BTC.
Bitcoin is my safe word
— Elon Musk (@elonmusk) December 20, 2020
Elon Musk tweeted about Bitcoin several times on Sunday, including jokingly saying that “Bitcoin is my safe word,’ a phrase that he has said in the past.
A few hours later though, Musk tweeted about Bitcoin and his parody ownership of Dogecoin. “Bitcoin is almost as bs as fiat money,” which is likely to be taken as an insult. He then followed up with another tweet saying: “One word: Doge.”
Musk then tweeted a Bitcoin meme of Jesus with the caption: “me trying to live a normal productive life” and a woman where the words “bitcoin” are on her behind.
That meme attracted the attention of many individuals including —Microstrategy CEO Michael Saylor to comment. Saylor who has become an enthusiastic Bitcoin advocate after making the cryptocurrency his billion-dollar company’s primary Treasury reserve asset told 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.”
Musk responded to Saylor asking: “Are such large transactions even possible?”
Saylor answered back: “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.” Various other users responded back to the thread to answer Musk’s question, including Binance CEO Changpeng Zhao, who recommended Binance to Musk. “Probably not a good idea to do it in one transaction, but can definitely be done,” CZ noted.
Anthony Pompliano tweeted that, if Musk does allocate any of TESLA’s cash into Bitcoin, “the internet will break.” However, he offered a 5 percent chance that this would actually happen in a follow-up tweet.
The internet will break if Elon Musk converts any of Tesla’s balance sheet into Bitcoin.
— Pomp 🌪 (@APompliano) December 20, 2020
But not everyone was bullish on Elon’s decision. Responding to one of CZ’s tweets, gold bug Peter Schiff tweeted:
“Musk is far too smart to be dumb enough to buy Bitcoin. It’s just a matter of time before you realize that too.”
Schiff also commented stating that Musk was joking about buying BTC: “It seems like Elon Musk was only joking about exposing Tesla shareholders to bitcoin. So I don’t need to convince the board not to turn Tesla into a double bubble.”’
Although, it wouldn’t be the first time that TESLA CEO Elon Musk has done something shocking and surprising. He previously went on Joe Rogan and smoked marijuana which sent the traditional stock market investors into a selling frenzy. So it’s highly possible with Musk that anything could happen.
The Tesla CEO and parody DogeCoin CEO previously confirmed in May that he owned Bitcoin tweeting, “I still only own 0.25 bitcoins,” after responding to Harry Potter author J.K. Rowling about how “massive currency issuance by govt central banks is making Bitcoin internet money look solid by comparison.”
Bitcoin is currently trading at [FIAT: 22,802.58] DOWN -4.6% in the last 24 hours according to Coingecko at the time of this report.