Tesla’s cryptocurrency(bitcoin) bet may have been influenced by Elon Musk and Michael Saylor’s
In a recent interview with Time Magazine, Elon Musk’s dialog with the CEO of the MicroStrategy influences Tesla’s decision to invest $1.5 billion in Bitcoin. In late last year, Musk tweeted with his eyes closed a lewed mem painting of a monk praying, and a lady in the background was acting as a metaphor to tempt bitcoin.
Saylor answered Musk, stating that he should make a “$100 billion favor” to Tesla’s shareholders by changing the company’s accounting from dollars to bitcoins. “Another S&P 500 firms are taking your lead and in time it will become a favourite of $1 trillion,” he wrote”.”He writes. “He writes.
Musk answered a question about the possibility of such large transactions that Saylor said ‘yes’ to and would share his playbook with the boss of Tesla.
Just over a month after their casual chat, Tesla has disclosed its most significant Bitcoin support to date, announcing not only that it invests $1.50 billion into world’s most popular cryptocurrency, but that it will soon start accepting crypto-payments for its products. The car manufacturer used cryptography in order to buy Bitcoin in accordance with the block.
Saylor said that the tale about Bitcoin’s beliefs quickly changed from skeptics to increasing Tesla’s move to a “inflecting point.”
He also said that it’s not “appropriate business decorum,” but that Tesla’s Twitter exchange was influenced by conversations with a CEO of another public enterprise.
Saylor refuted the idea that Bitcoin is an example of irrational exuberance by investors, which enthuses news about price rises. “If you are searching for a case of true speculation, it’s people who speculate that they can squeeze others, like GameStop, in a shorter squeeze. “Not speculation is bitcoin, okay? Bitcoin is a unique new technology, like a cash Facebook or a cash Google. And from nothing it grew to a trillion dollars in monetary value in 12years.
Bitcoin was at the last flat trade on Monday at $57,380, but it’s up around 95% year-to-date and over 885% in the past 12 months.
The chief revenue strategist for the Oxford Group, Marc Lichtenfeld, said it is shocking that CEOs of publicly traded firms buy trillions of Bitcoin with shareholder capital. ‘If bitcoin’s price decreases, shareholders are severely injured,’ he said. “And I suspect that managers and managers are being brought to trial.”