Michael Sellor, the CEO who invested $ 425 million in bitcoin earlier this year, gives Elon Musk advice on how to get started investing in cryptocurrencies.
According to a tweet posted today, Sailor has offered Musk to convert Tesla’s balance to Bitcoin (BTC), a company currently valued at over $ 658 billion, according to AssetDash. The MicroStrategy CEO suggested that a figure like Musk, who oversaw the implementation of Bitcoin, could force “other companies in the S&P 500” to follow suit.
Sailor then offered to “share his policy” with the head of Tesla “from one rocket scientist to another,” stating that he bought $ 1.3 billion worth of bitcoin this year. The CEO of MicroStrategy holds two MIT degrees in space, science, technology, and society.
Musk, CEO of Tesla and SpaceX, estimates net worth at over $ 153 billion, but as of February 2019, he personally had just 0.25 BTC. On the other hand, Sailor, whose net worth is 300 times less – according to some estimates, around $ 500 million – has led to the fact that the business intelligence company MicroStrategy made one of the largest investments in bitcoin from a large financial institution. The CEO saw the value of his $ 425 million initial purchase of bitcoin more than doubled this year, with cryptocurrencies recently surging by $ 24,000.
Other cryptocurrency players rushed to follow Musk’s request for the opportunity to make a major purchase of cryptocurrency.
Sam Bankman Fred, CEO of Hong Kong-based cryptocurrency exchange FTX, told the billionaire that he could complete such a plan “within a week.” Gemini co-founder Tyler Winklewos also advised Musk on “adequate liquidity.”
However, Peter Schiff’s infamous gold balance sheet spoke out against potential investments, describing Bitcoin as a pyramid scheme and advising Musk “[not] to allow Tesla shareholders to have the same portfolio as MicroStrategy shareholders.
Sailor has publicly endorsed Bitcoin since the announcement that MicroStrategy had bought the first Bitcoin for $ 250 million as a reserve asset in August. He commented that tech companies like Apple could realize the $ 100 billion market value by integrating bitcoin into Apple Pay, creating a secure cryptocurrency wallet on the iPhone, and buying cryptocurrency from the tech giant’s tax server.
“Large tech companies need to integrate their products with bitcoin to stay competitive,” Sailor said Friday. “All companies must convert their government bonds to BTC to stay strong.”