Tesla chief Elon Musk prompted a big sell-off in crypto markets. Photo: Getty via AFP Forum

Tech tycoon Elon Musk on Sunday excited speculation that he is considering investing in the the world’s leading cryptocurrency, emulating the corporate strategy of MicroStrategy CEO Michael Saylor, who has converted the business intelligence firm’s balance sheet into bitcoin.

“Bitcoin is my safe word,” he tweeted, teasing crypto investors before posting a risqué meme.

Saylor, an increasingly prominent advocate of the digital store of value as a hedge against fiat currency debasement, suggested in response that the billionaire follow MicroStrategy into crypto.

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

Musk replied to Saylor: “Are such large transactions even possible?”

“Yes,” Saylor tweeted back. “I have purchased over $1.3 billion in #BTC in past months & would be happy to share my playbook with you offline – from one rocket scientist to another.”

If Musk is sincere about wanting to shift some or all of Tesla’s balance sheet into bitcoin, Saylor is arguably the best person to turn to for counsel. His business intelligence firm has incrementally invested over $1 billion dollars in the crypto in 2020, turning a spectacular profit as a result. Since the first tranche in the summer, the crypto’s price has more than doubled. At the time of publication (7.35 am Tuesday in Hong Kong), bitcoin was worth $22,703, according to CoinMarketCap.

After completing another purchase on Monday, Saylor tweeted: “MicroStrategy has purchased an additional 29,646 bitcoins for $650 million at an average price of $21,925 per #bitcoin and now #hodl an aggregate of 70,470 bitcoins purchased for $1.125 billion at an average price of $15,964 per bitcoin.”

If Musk decides to follow Saylor and other heavyweights such as Twitter’s Jack Dorsey and Wall Street legend Paul Tudor Jones into bitcoin, its price could soon go up like a rocket.

Read: ‘Wall of money will send bitcoin to $1 million’