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A conversation on X (formerly Twitter) between Tesla CEO Elon Musk and MicroStrategy Chairman Michael Saylor has resurfaced four years later. Bitcoin historian Pete Rizzo brought attention to the Bitcoin-related chat in a recent tweet.
In the discussion, which dates back to Dec. 20, 2020, Saylor urged Elon Musk to consider a bold move for Tesla with respect to Bitcoin. Saylor suggested that Musk could do Tesla shareholders a $100 billion favor by converting the USD on Tesla’s balance sheet to Bitcoin (BTC).
Saylor predicted that such a move would not only benefit Tesla but also set a precedent for other S&P 500 companies to follow, potentially turning this $100 billion favor into a $1 trillion impact.
“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, and in time, it would grow to become a $1 trillion favor,” Saylor said.
This, Musk replied, asking, “Are such large transactions even possible?”
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This conversation highlighted what would later become a defining move for Bitcoin corporate adoption. Rizzo indicated that currently Tesla and Microstrategy own 450,000 BTC worth over $45 billion.
MicroStrategy and Tesla Bitcoin evolution
MicroStrategy started out selling enterprise software, but it has since evolved into a Bitcoin holding corporation. It first introduced Bitcoin to its balance sheet in August 2020, when Michael Saylor was CEO, and has continued to rely on that strategy in subsequent years.
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On Monday, Saylor stated that the company had purchased another 15,350 BTC, bringing its total Bitcoin holdings to 439,000, worth almost $46 billion. MicroStrategy will join the Nasdaq-100 index on Dec. 23.
Tesla’s strategic bet on Bitcoin has proven profitable, as evidenced by the recent increase in the Bitcoin price.
According to Arkham Intelligence data, the automaker currently holds 11,509 BTC, which has increased in value and is now worth $1.18 billion. At the time of writing, BTC was down 2.09% in the last 24 hours to $102,614 amid the ongoing market sell-off.
Source: https://u.today/michael-saylor-elon-musks-bitcoin-2020-discussion-flashback-details