Michael Saylor’s chat with Elon Musk reportedly contributed to Tesla buying Bitcoin worth $1.5 billion, at least, according to Saylor himself so let’s read more in our latest BTC news.
Without disclosing more details, Michael Saylor said in an interview that his conversation with Elon Musk influenced him to purchase $1.5 billion worth of BTC in January. Additionally, he noted that the revolutionary technology caught the world by surprise which is why people outside the industry started accepting it. The news broke back in February that Tesla used funds from its balance sheet to purchase $1.5 billion worth of the cryptocurrency and this was a huge milestone in the BTC adoption cycle after a long history between Musk and Bitcoin.
This is a few weeks before the purchase was made and Musk had a short conversation with Michael Saylor, the Microstrategy CEO. Michael Saylor’s chat with Musk could have something to do with the Tesla purchase as Saylor became the most prominent advocate for BTC in recent history, advising Musk to make a favor to Tesla’s shareholders by converting the TSLA balance sheet from the US dollars to BTC.
Musk asked if this transaction is possible to which Saylor provided one of his one billion dollars with BTC purchase as an example. During the recent interview, Saylor said that he believes that Twitter’s conversation had impacted the decision made by Tesla and Musk. However, he refused to provide more details regarding the offline conversations because it is against business etiquette. Being a new concept, BTC is prone to be dismissed by representatives of the traditional financial world as in the past we saw Warren Buffet calling BTC “rat poison squared” and even Saylor himself saying he was skeptical.
Saylor later apologized and commented:
- “I just think it’s a paradigm shift, so you can’t blame smart people. They are all smart, and they were all successful. But if you go back and you look at electricity, not every smart, successful person immediately understood the implications of electricity in the first 24 months after they heard of it.
- Thomas Kuhn said when you come up with a new paradigm, a completely utterly revolutionary way to see the world, the establishment doesn’t normally accept it. And you need a new generation to accept that unless there’s a war, unless you have an extreme experience that forces you to embrace a new idea.”