The CEO of MicroStrategy, Michael Saylor, has advised Elon Musk to consider purchasing bitcoin. Saylor said this in response to a Twitter poll that Musk created earlier in the day. The poll, surprisingly, may determine what Musk does with 10% of his Tesla stock, according to him.
What Happened?
Elon Musk, the current richest man in the world, took to Twitter to announce that he is considering selling up to 10% of his Tesla stock. Musk owns a stunning 193 million shares at Tesla. At the current rate, 10% of that is worth about $25 billion. Musk has now said that he is thinking of selling that much from his portfolio.
Musk said that he came up with that idea after the recent discussions about unrealized gains being used to evade tax payments. Tax evasion is a serious matter that the world’s richest people take seriously. Musk, in his tweet, said that he wants to sell 10% of his Tesla stocks, but wants to know the opinion of his roughly 62 million followers. He created a poll and promised to follow whatever result the poll reached.
Musk‘s poll has now reached 3,344,852 votes, with 57.5% of that number saying yes to his plan. Only two hours are left for the poll to end. With the result dangling in the yes zone, MicroStrategy’s CEO has joined the surrounding debate by advising Elon Musk to consider purchasing BItcoin as he looks to diversify his portfolio.
Musk, whose personal fortune has soared in recent months due to a hard increase in Tesla’s value and his company, SpaceX which is worth $100 billion, recently expressed criticism about a Democrat-led proposal to tax unrealized profits. Musk had called out the move even as the Republicans opposed it. But it appears that Musk is willing to pay taxes by selling some of his Tesla shares. If he does sell them, he will pay up to 20% in taxes. The remaining amount would be substantial and would give him massive buying power.
Musk and Cryptocurrencies
Musk is a known Dogecoin lover who champions the token. His passion for driving growth and development in the crypto industry, and his immense power to influence buying decisions is almost legendary.
Michael Saylor now wants Musk to turn that money -and power- to Bitcoin. In his Tweet, Saylor said that if Musk’s goal is to diversify his portfolio, then Bitcoin offers the safest way for him to achieve that. Saylor said that Bitcoin offers protection against inflation and would be tax efficient. Although Musk has not replied to Saylor, it is safe to assume that he would consider his suggestions.
If the poll does end in a yes, Musk will -according to his promise- sell the stock and, as he is known to be a crypto investor, might just invest in a coin. A massive buying power may be the trigger that the market needs to rally towards its next bullish move.
