(Reuters) – Elon Musk on Sunday asked if it was possible to turn “big deals” of Tesla Inc’s balance sheet into bitcoin, according to a Twitter exchange between Musk and a well-known advocate for the digital currency.
Michael Saylor, chief executive of MicroStrategy Inc., suggested in a tweet to Musk that the Tesla founder and head billionaire would move.
“If you want to do a $ 100 billion favor to your shareholders, the $ TSLA balance sheet will turn from USD to #BTC,” Saylor wrote in his tweet. “Other companies on the S&P 500 would follow suit and over time it would grow in favor of $ 1 trillion.”
“Is it even possible to do great things?” Musk replied to Saylor.
“Yes. I’ve bought over $ 1.3 billion in #BTC in the last few months and I’d love to share my playbook with you offline ….,” tweeted Saylor.
Tesla and Musk could not be reached for comments.
“Every CEO has a challenge on how you can maintain and increase shareholder value against unprecedented cash expansion this year,” Saylor said in a message to Reuters.
“Bitcoin is the best solution to the store of value problem facing everyone, investor, and corporate on earth,” Saylor said.
Shares of Tesla rose to a high on Friday in a frantic day of trading as investors focused on the expected entry of the electricity maker into a record- Hit S&P 500 Monday.
Bitcoin rose to a high of $ 24,299.75 on Sunday, after crossing the $ 20,000 milestone for the first time last week, amid rising interest from larger investors. Bitcoin last stood at $ 23,60.98 up 2.88%.
Reporting by Suzanne Barlyn; edited by Diane Craft