Bitcoin billionaire Michael Saylor advises Tesla CEO Elon Musk to convert the proceeds from his potential sale at the electric car manufacturer into Bitcoin (BTC). Details Cryptocoin. com
Michael Saylor’s Bitcoin advice to Elon Musk
Michael Saylor says that with $25 billion from the 10% possible sale of Elon Musk’s stake in the innovative auto company, buying Bitcoin (BTC) can have several benefits:
If the goal is diversification, an alternative strategy to consider is to convert the TSLA balance sheet to a Bitcoin Standard and buy $25 billion in BTC. This will provide diversification, inflation protection and more benefits for all investors in a tax-efficient manner.
Saylor’s advice comes after Musk surveyed his Twitter followers about whether he should sell some of his stake in Tesla. Elon Musk recently consulted with his followers in a Twitter poll:
A lot has been done lately from unrealized gains as a way to avoid taxes, so I’m proposing to sell 10% of my Tesla stock. Do you support this?
In a subsequent tweet, Musk explained that he had to sell his stock to pay taxes, as he was not getting any further wages. Elon Musk said the only way was to sell:
Beware, I am not getting any cash salary or bonus from anywhere. I only own stock, so the only way I personally pay taxes is to sell stocks.
After more than 3.5 million votes, 57% of those polled. 9 yes to Musk selling 10% of Tesla shares, 42%. 1 voted no. After launching the survey, Musk promised to “stick to the outcome of this survey no matter how it goes.”