Economy

Tesla Motors, Inc. (NASDAQ: TSLA), MicroStrategy Incorporated (NASDAQ: MSTR) – Elon Musk is curious if converting Tesla’s balance sheet to Bitcoin is “possible”

Tesla Corporation (Nasdaq: TSLACEO Elon Musk could give its shareholders a $ 100 billion favor by turning the carmaker’s balance sheet into Bitcoin, for him MicroStrategy Corporation (Nasdaq: MSTRThe counter suggested Michael Saylor.

what happened: Saylor made his comments in response to Mask Looking for fun In the main cryptocurrency on Sunday.

“Are such large transactions possible?” musk Sounding.

at ResponseSaylor offered to share his “playbook” with the CEO of Tesla, saying that he had bought more than $ 1.3 billion in Bitcoin over the past few months. The only caveat? Saylor will only share these secrets offline.

why does it matter: Coinbase, which has applied for IPO this month, Facilitated the $ 425 billion Bitcoin purchase of Microstrategy earlier this year.

Virginia-based MicroStrategy was filed $ 550 million in debt To finance purchases in December. A Citi analyst subsequently downgraded the company, calling Saylor’s focus on Bitcoin “disproportionate.”

Coinbase CEO Brian Armstrong said on Twitter late Sunday that if any company wanted to keep cryptocurrency on its balance sheet, Coinbase could help.

More and more companies appear to be keeping cryptocurrencies on their balance sheet, as a hedge against inflation. We can help https://t.co/KWYOemrDMO

Among the others who jumped in the bitcoin bandwagon PayPal Holdings Inc. (Nasdaq: PYPL) And Jack Dorsey led Square Inc (New York Stock Exchange: Sk).

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See also: PayPal CEO on cryptocurrency expansion: ‘just the beginning of opportunities’

Musk has been less enthusiastic about Bitcoin, despite the cryptocurrency soaring above the $ 23,000 mark this month. The billionaire businessman caused a 20% increase in the prank cryptocurrency Dogecoin earlier Sunday with a tweet.

Price movement: Tesla shares closed nearly 6% higher at $ 695 on Friday and down roughly 2.6% in the after-hours session to $ 677. On the same day, MicroStrategy shares closed nearly 1.1% higher at $ 301.20. Bitcoin was trading up 0.76% at $ 23,680.81 at the time of writing.

See also: Elon Musk’s “ Favorite Cryptocurrency ” is a joke but its 2020 returns are no laughing matter

Image courtesy of Forbes via Wikimedia

© 2020 Benzinga.com. Benzanga does not provide investment advice. All rights reserved.

Thelma Binder

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