Micheal Saylor stands as the CEO of Microstrategy, and made a bet on Bitcoin by the tune of $425 million earlier this year. As it stands now, it seems that he’s appointed himself as an advisor for Elon Musk, giving him a few pointers on how to start investing in crypto.
A New Possible Step For Crypto Adoption
Saylor went as far as suggesting to Musk to convert the balance sheet of Tesla into that of Bitcoin. As it stands now, AssetDash deems Tesla’s value at over $658 billion. Saylor speculated that Musk adopting Bitcoin could serve as a catalyst for other firms within the S&P 500, making them follow suit as well.
From there, Saylor went as far as offering Musk his playbook, going as far as to describe it as “from one rocket scientist to another,” as he boasts two degrees in science, technology, and society as well as aeronautics and astronautics from MIT. The Microstrategy CEO explained that he had purchased $1.3 billion in Bitcoin just this year, as well.
Big Players Talking It Out
Elon Musk himself stands as the CEO of SpaceX and Tesla, and currently holds an estimated net worth north of $153 billion. However, the man has only held 0.25 BTC in total as of February of 2019. Saylor’s net worth, roughly $500 million by some estimates, is thirty times less than Musk’s.
Even so, Microstrategy, the business intelligence firm, has been making some of the largest Bitcoin investments from institutional players this year under his leadership.
As it stands now, the CEO has seen his initial investment of $425 million in BTC be transformed to more than double thanks to Bitcoin seeing a monumental rally to $24,000.
Like Bees To Honey
As one would imagine, Elon Musk taking an interest in crypto has caused quite a stir, with many players in the crypto space quickly responding to his inquiries. One such person is Sam Bankman-Fried, the CEO of FTX, the crypto derivatives exchange based in Hong Kong.
Bankman-Fried stated that the billionaire could execute a plan like this just in the matter of a week, with Tyler Winklevoss, the German co-founder of the Gemini exchange, jumping in as well. According to Winklevoss, the space has plenty of liquidity to get that matter sorted.
Yes. Plenty of liquidity to get that done.
— Tyler Winklevoss (@tyler) December 20, 2020
Even Peter Schiff, the infamously anti-crypto gold bug, came out of the woodwork to give his piece. He sang his usual tune of Bitcoin being bad, declaring it to be a pyramid scheme. He urged Musk to not subject Tesla’s shareholders to that of Microstrategy’s, still convinced, or at least pretending to be, that the crypto space will die a very dramatic and sudden death.
Time will tell what Elon Musk will do, as the man is a bit of a wildcard in terms of high-wealth individuals. With luck, he will go crypto, helping the space push to mainstream adoption even faster.