Elon Musk questions Bitcoin’s use in large transactions

Tesla and SpaceX founder Elon Musk asked MicroStrategy chief Michael Saylor whether $100 billion transactions are possible on the Bitcoin network.

Musk posed this question in response to Saylor’s retweet, which proposed converting Tesla’s $100 billion in reserves into Bitcoin. Saylor suggested that Musk’s example could be followed by other chief executives of large companies in the S&P 500, potentially pushing the investment to $1 trillion.

Are such large transactions even possible?

— Elon Musk (@elonmusk) December 20, 2020

Saylor was among those over the weekend who did not miss Musk’s latest foray into cryptocurrencies. In it, he again professed his love for Dogecoin and posted a frivolous image, comparing Bitcoin to fiat money and calling it “the same crap.”

In response to the question, the MicroStrategy CEO said he had purchased his first cryptocurrency worth $1.3 billion [17,732 BTC personal and 40,824 BTC for the company] and is ready to share his playbook on how to be a “rocket scientist to another rocket scientist.”

Yes. I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline — from one rocket scientist to another.

— Michael Saylor (@michael_saylor) December 20, 2020

“Every CEO faces the challenge of preserving and increasing shareholder value in the face of unprecedented monetary expansion this year. Bitcoin is the best solution to the problem of preserving value that confronts every person, investor and corporation on Earth,” commented by Saylor to Reuters.

On Musk’s tweets, Roger Ver and Peter Schiff also reacted. The former gave a link to an interview with Saylor, in which he shares his philosophy of investing in Bitcoin, and plugged Bitcoin Cash.

The latter saw irony in Musk’s words and thought that he was unlikely to pull off a “double bubble” (counting Bitcoin’s price and Tesla’s stock inflated). Also the well-known Bitcoin critic reminded Saylor of his wish to debate him about the advantages of gold over Bitcoin.

Hey @elonmusk, here is @michael_saylor’s plan for #Bitcoin in his own words. That’s why people who care about brining more economic freedom to the world love #BitcoinCash #Monero #Zcash or anything that can actually work as P2P cash for the world. pic.twitter.com/EKrqdneh2A

— Roger Ver (@rogerkver) December 20, 2020

It seems like @elonmusk was only joking about exposing Tesla shareholders to Bitcoin. So I don’t need to convince the board not to turn Tesla into a double bubble. But I’m still willing to debate @michael_saylor on #Bitcoin verse #gold. Perhaps @joerogan is willing to moderate.

— Peter Schiff (@PeterSchiff) December 20, 2020

The head of Binance, Changpeng Zhao, suggested that Musk would ultimately buy Bitcoin.

“The question is simply this: do you want to be ahead of the Tesla CEO or after him ?”, — wrote he.

Tesla / @elonmusk will buy crypto. Just a matter of time. This is one of the few prediction I am happy to put my name on.

The real question is: do you want to be before or after them?

— CZ Binance (@cz_binance) December 20, 2020

Last year, Musk won the tongue-in-cheek April Fool’s poll in which users were asked to vote for the most suitable candidate to be the CEO of Dogecoin.

In July this year, Musk said on Twitter about the prospects for using Dogecoin technology as a global financial system. After his tweet, the token’s price rose by 17%.

Earlier, Fidelity Investments’ chief analyst Ria Bhutoria noted the potential benefit Bitcoin could bring for settling transactions between large multinational companies. She did not rule out that such transactions could also occur between governments and central banks.

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