Billionaire Elon Musk is known for his unconventional thinking, and most recently asked on Twitter if he should sell 10 percent of Tesla shares, he promised to “apply the results of this survey no matter what.” Upon this survey, the issue of whether Elon Musk would sell Tesla shares and buy Bitcoin was also on the agenda.
Will Elon Musk sell his shares and buy Bitcoin?
Musk’s net worth this year hit $335 billion as Tesla shares soared over $1,000. According to the Bloomberg index, he is by far the richest person in the world. It is thought that Elon Musk can make such a sale related to tax problems. Musk’s tweet received more than 1 million votes, with 54.2 percent of respondents saying “yes” to the proposal.
Bitcoin and crypto investors are also very interested in this offer from the billionaire. Financial analyst Kevin Paffrath points to the following four factors to consider in determining whether Musk wants to buy more Bitcoin:
- First, Musk will be inclined to shift money from cash to other assets due to “inflation concerns.”
- Second, Bitcoin could be one of his biggest investments right now.
- Third, since Musk has sold all of his real estate, it doesn’t look like he’ll be pouring money into it anymore.
- Finally, “I think $12-13 billion goes to crypto. I see Musk being a little more cautious about the dollar, so I’m betting on BTC.”
MicroStrategy CEO Michael Saylor added, “If the goal is to diversify, an alternative strategy to consider is to convert the TSLA balance sheet to a Bitcoin Standard and buy $25 billion worth of BTC. This will provide diversification, inflation protection and more benefits for all investors in a tax-efficient way,” he replied.
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