Elon Musk Tempted To Buy Bitcoin, Inquires About 'Large Transactions'

Tesla and SpaceX CEO Elon Musk suggested that he is tempted to buy Bitcoin and even inquired about large transactions in a series of tweets that possibly contributed to the dominant cryptocurrency reaching another price milestone.

The inquiry happened after Musk posted a cryptic tweet Sunday that implied he is considering purchasing Bitcoin. In response, Michael Saylor, CEO of Microstrategy, told Musk to do his shareholders a “$100 billion dollar favor” by converting the $TSLA balance sheet to Bitcoin.

“Other firms on the S&P 500 would follow your lead and in time it would grow to become a $1 trillion favor,” Saylor told Musk.

Musk then asked if such a large transaction, which is worth $100 billion, is even possible, to which Saylor replied that it is as he himself has purchased over $1.3 billion in Bitcoin.

Saylor also said he would be willing to share his playbook with the Tesla CEO, meaning the process in buying that much Bitcoin with legal clarity and without moving the price of Bitcoin in exchanges.

Saylor’s MicroStrategy became the first billion-dollar, publicly-listed company to put Bitcoin in its balance sheet as a treasury reserve in August. The company’s initial $475 million bet on Bitcoin is now worth $740 million.

Musk did not reply after the conversation, but his tweets have been filled with cryptocurrency memes and thoughts apart from news and developments about his companies.

Saylor and Musk's Twitter exchange, analysts said, could have possibly pumped the price of Bitcoin. The dominant cryptocurrency closed Sunday at $23,476 but is now trading around $23,900. Bitcoin also reached $24,000 in the last three days.

Musk’s pump could be explained by what happened to another cryptocurrency — Dogecoin. The “joke” token increased to as much as 0.0054 Sunday following Musk’s tweet.

Previously, Musk, now referred to among cryptocurrency enthusiasts as the “CEO of Dogecoin,” tweeted in July that the cryptocurrency will sweep the global financial system. Dogecoin increased its price that day, although not as much as when a Tiktok video asking users to buy Dogecoin went viral.