Published
3 years ago on
December 21, 2020
Quick take
1 minute read
- Michael Saylor has made a lot of money on the leading cryptocurrency throughout 2020.
- Taking to Twitter over the weekend, Michael even gave advice to the Tesla founder Elon Musk when it comes to getting started on bitcoin and the world of crypto.
The chief executive officer of MicroStrategy, Michael Saylor has made a lot of money on the leading cryptocurrency throughout 2020. Taking to Twitter over the weekend, Michael even gave advice to the Tesla founder Elon Musk when it comes to getting started on bitcoin and the world of crypto.
The tweet, seen below, indicates that Michael is suggesting Tesla should convert their balance sheet into bitcoin. Currently, the company is valued at more than $658 billion when it comes to its market capitalisation.
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.
— Michael Saylor (@michael_saylor) December 20, 2020
Michael then went on to offer to “share his playbook“ with the CEO saying that he had purchased more than $1 billion worth of bitcoin in this year alone.
Big institutions have been getting more involved with the crypto space over the course of this year. Understandably as well as bitcoin has been performing very well whereas traditional markets have been taking big hits due to the coronavirus pandemic and the economic crisis that came as a result.
It will sure be interesting to see if Tesla gets significantly on board with the leading digital asset but only time will tell.
Interestingly, Peter Schiff, a well-known critic of the leading crypto coin also got involved in a conversation saying that the Tesla CEO shouldn’t fall for the “con“. Of course, he went on to suggest a bitcoin is a pyramid scheme saying:
Elon, don't fall for this con. Michael, like all involved in the #Bitcoin pyramid scheme, must recruit new buyers into the scheme to keep it going. Do leave Tesla shareholders holding the same bag as Mircrostrategy shareholders.
— Peter Schiff (@PeterSchiff) December 20, 2020
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