Tesla’s balance sheet seems soon to be converted to Bitcoin

  • Elon Musk found enquiring about Bitcoin
  • Musk might be the next reason for Bitcoin’s uptrend
  • With support, Musk also criticized the crypto token
  • Next year the price of bitcoin could reach an unexpected level

On Sunday, Elon Musk, the major founder of Tesla, was found inquiring about possibilities of converting large transactions to Bitcoin. It was revealed after Michael Saylor, the founder and chief executive officer of MicroStrategy were suggesting Musk on Twitter to convert the Tesla balance sheet from USD to Bitcoin (BTC). Although, Musk showed interest in the statement of Saylor and also enquired whether it is possible to convert such larger transactions to Bitcoin.

Bitcoin as the best solution to the store of value problem

In a statement with Reuters, Saylor explained that every chief executive officer faces challenges to preserve and enhance the value of shareholders, which mainly this year with unprecedented monetary expansion. Additionally, he also mentioned that BTC is the best solution for every individual, investor, and institution to the problem of a store of value.

Musk seems to be the next reason for BTC’s new price high

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After crossing the new all-time high record at the level of $20,000, Bitcoin has crossed the level of $24,000 on Sunday. However, the next step of the leading crypto token seems to reach the level of $25,000. According to Alex Mashinsky, the chief executive officer of Celcius, before reaching the level of $26,000, we might witness $16,000. 

However, before the meaningful correction, the coin designed by Satoshi Nakamoto could go on an upward journey. It seems like Elon Musk might be the reason behind the new journey, as, on Sunday, Musk tweeted Bitcoin as the safe word.

Musk also criticized the most famous crypto token

On the same day after Musk enquired about Bitcoin, to convert its large transactions of Tesla, he criticized the currency. In a tweet, Musk mentioned that BTC is almost as the government-issued fiat currencies. However, when Mashinsky was asked about the outlook of BTC for 2025, he clarified it’s tough to predict, although he mentioned that the price might move over $2,00,000.

Additionally, Mashinsky also believes that if the growth of Bitcoin sustains by mass adoption, then the price might end somewhere between $30,000 and $40,000 next year. Indeed, mass adoption is what is needed for sustainable growth in digital currency.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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