SpaceX Finance Department Attends MicroStrategy’s Bitcoin Event

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Last Updated on 7 February 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Just as Bitcoin had crossed the $20k threshold back in December (which seems like ages ago now, it crossed $40k for the second time this year just yesterday), SpaceX and Tesla CEO Elon Musk tweeted a meme about the most famous cryptocurrency.

At the time, MicroStrategy CEO Michael Saylor, who converted part of the balance sheet of his company directly into Bitcoin before the 2020 bull run started, commented as one of the 20,000 people that do so daily in response to whatever Musk says.

Surprisingly, Elon Musk saw the message and replied to it. The two men got to talking apparently and by now, Musk sent his treasury department (or at least that of SpaceX) to attend a Microstrategy Bitcoin event.

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Balance sheet

At the time, seeing that Musk was sending out another Bitcoin meme (a monk trying to live a productive life looked at a medieval maiden with a Bitcoin sign), Saylor stated in response:

If you want to do your shareholders a $100 billion favor, convert the Tesla balance sheet from USD to Bitcoin.  Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor.

Everyone thought that this was the end of the matter and Musk would never see Saylor’s tweet in the midst of all the other responses he gets daily. However, just a few hours later, the Tesla CEO replied:

Are such large transactions even possible?

Saylor at the time replied:

Yes, I have purchased over $1.3 billion in Bitcoin in the past month and would be happy to share my playbook with you offline.

MicroStrategy currently holds 71,079 BTC which is 0.38170% of all BTC in circulation. With a total USD investment of $1,145,000,000, their current Bitcoin holding is valued at: $2,766,440,000. Which is a profit of $1,621,440,000 (142%). Check out a live overview of Public Bitcoin investments by Publicly Traded Companies here.

The two men must have got to talking after this because now, some six weeks later, MicroStrategy held a Bitcoin event which was attended by a lot of Wall Street financiers (JP Morgan and Goldman Sachs) who wanted to get educated as to how to invest in Bitcoin via MicroStrategy shares. Also in attendance: the Treasury VP of SpaceX.

We’re sure Musk is reading a report on it as we speak. Imagine Tesla or SpaceX indeed becoming another major S&P500 or Nasdaq company to convert part of their balance sheet into crypto.

Now that would be a signal the rest of the world couldn’t ignore anymore.