Elon Musk is considering a huge investment in bitcoin
Over the weekend, Tesla’s CEO Elon Musk had a public conversation on Twitter about investing large sums of the electric car manufacturer’s assets in the cryptocurrency Bitcoin, Bloomberg reports.
Elon Musk spoke on Twitter with Michael Saylor, an American entrepreneur who has been investing over a billion dollars in bitcoin since July, urging him to do so. He also offered Musk access to his own strategy document offline.
- Elon Musk added #bitcoin to his Twitter bio last week, helping push the digital currency’s price up by as much as 20%.
- In a discussion on the popular audio chat app Clubhouse, Musk confirmed he likes bitcoin.
- “I think bitcoin is really on the verge of getting broad acceptance by conventional finance people,” he said.
Early Friday, the billionaire Tesla boss added the hashtag #bitcoin to his Twitter bio, in a move that helped to briefly push up the price of the cryptocurrency by as much as 20%.
“I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin,” Musk said.
According to Michael Saylor, a larger investment would do the shareholders a great service. Not least when Tesla on December 21 becomes part of the S&P 500, the second-largest stock index in the US, which lists 500 of the country’s largest companies. According to Michael Saylor, this could mean that more S&P 500 companies start investing in Bitcoin and other cryptocurrencies.
This could be historical for Bitcoin
Tesla’s share price has climbed an eye-watering 730% through 2020 and is poised to enter the S&P 500 on Monday as the sixth most valuable business, placing only behind technology giants Apple, Microsoft, Amazon, Google parent Alphabet, and Facebook.
Meanwhile, the bitcoin price has added around 235% this year, climbing to never-before-seen highs and ending a three-year bear market.