Tesla's Elon Musk asks about converting 'large transactions' to bitcoin
By Suzanne Barlyn
(Reuters) - Elon Musk asked about the possibility of converting "large transactions" on Tesla Inc's balance sheet to bitcoin on Sunday, according to a Twitter exchange between Musk and a well-known digital currency advocate.
Michael Saylor, CEO of MicroStrategy Inc, suggested in a tweet to Musk that billionaire founder and head Tesla should take the step.
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"If you want to do your shareholders a $ 100 billion favor, convert the TSLA balance sheet from USD to #BTC," Saylor wrote in his tweet. "Other companies in the S&P 500 would follow suit, and in time it would become a $ 1 trillion favor."
"Are such large transactions even possible?" Musk answered Saylor.
"Yes. I've bought over $ 1.3 billion in #BTC in the past few months and I would like to share my game book with you offline ..." tweeted Saylor.
Tesla and Musk could not be reached for comment.
"Every CEO faces the challenge of maintaining and increasing shareholder value in the face of unprecedented monetary expansion this year," Saylor said in a message to Reuters.
"Bitcoin is the best solution to the store of value problem that every individual, investor and company in the world faces," said Saylor.
Tesla shares rose to a record high on a hectic trading day on Friday as investors prepared for the electric car maker's eagerly anticipated entry into the S&P 500 benchmark index on Monday.
Bitcoin rose to a high of $ 24,299.75 on Sunday after breaking the $ 20,000 milestone for the first time last week, amid growing interest from larger investors. Bitcoin was last at $ 23.60.98, up 2.88%.
(Reporting by Suzanne Barlyn; Editing by Diane Craft)
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Michael J. Saylor
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