Michael Saylor Claims His Twitter Exchange With Elon Prompted Tesla to Invest in Bitcoin
MicroStrategy CEO Michael Saylor has become one of the biggest Bitcoin proponents in recent time which is evident from his company’s $2.1 billion Bitcoin investment since August 2020. Saylor in a recent interview with Time magazine claimed that his Twitter exchange with Elon Musk back in December was one of the key reasons behind Tesla’s $1.5 billion Bitcoin purchase a couple of months later.
#Bitcoin is an idea whose time has come. https://t.co/Rn1zxBV0iD
— Michael Saylor (@michael_saylor) March 21, 2021
Saylor explained that Tesla and Square are just the tips of the iceberg and hundreds of others would follow.
MicroStrategy is the first publicly traded company that made a material investment, but Square followed. And Tesla followed. But they’re the tip of the iceberg. We did a “Bitcoin for Corporations” summit in February. I thought it would be a couple of thousand people showing up. It ended up being more than 10,000 a day, and it broke our video server.
Tesla’s Bitcoin purchase in February had quite an impact on the mainstream financial world where many discussed the possible impact of Tesla’s volatile investment, but more than that Bitcoin’s popularity as a store of value saw a massive bump. Microstrategy can boast of being an early adopter as they saw the potential in the top cryptocurrency when its price was hovering around $10,o00.
After Institutions Traditional Banking Giants Rush to Bitcoin
Saylor believes more than $25 billion in institutional money would flow into bitcoin by the end of 2021 suggesting more public companies are planning to add Bitcoin to their balance sheets. This bull run has not just got the attention of Fortune 500 companies and Wall Street Fund Managers, but traditional banking giants including the likes of Morgan Stanley and the oldest custody bank BNY Mellon have started offering Bitcoin services to their wealthy clients.
Many other financial giants including JP Morgan have added Bitcoin Fund based on growing client demand, while Deutsche Bank in its Financial report has claimed that Bitcoin is too big to ignore.
Deutsche Bank's new research report now ranks #Bitcoin as the third largest currency in circulation. pic.twitter.com/NUmPVLysLh
— Documenting Bitcoin ???? (@DocumentingBTC) March 18, 2021
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