Will Musk Bitcoinizes His Assets?


February 10, 2021

Tesla CEO Elon Musk's Twitter profile has been changed to "Bitcoin," according to a report on his account. In general, the term "Bitcoin" refers to the digital cryptocurrency Bitcoin. According to data, after Musk changed his Twitter profile, Bitcoin briefly rose by $800, with the price at one point trading at $32,758 per coin.

Commenting earlier this month on a tweet by Ben Mezrich, author of "Bitcoin Billionaire," that he "would no longer refuse to accept payment in Bitcoin himself," Musk said, "Neither would I." Back in February 2019, Musk said that the Bitcoin structure is excellent, that encryption is a better way to transfer value, and that paper money is disappearing.

The move comes after the price of bitcoin continued to hit new highs. Musk once asked a prominent digital currency advocate about the possibility of converting "large transactions" on Tesla's balance sheet into bitcoin, prompting speculation that the company might buy bitcoin. Michael Saylor, chief executive of MicroStrategy, has suggested that Musk convert dollars into bitcoin.

"If you want to make shareholders an extra $100 billion, convert the dollars on Tesla's balance sheet into bitcoin," Thaler tweeted. The rest of the S&P 500 will follow your lead, and over time $100 billion will become $1 trillion."

Musk then replied, "Is a deal of that size even possible?" Thaler responded, "Yes, I've bought more than $1.3 billion worth of bitcoin in the last few months, and I'd love to share my experience with you offline."