Michael Saylor urges Elon Musk to buy more Bitcoin

• Financial

Saylor wrote to him: "We would prefer that you buy some more #bitcoin."

Michael Saylor is a bitcoin maximalist

How else to intervene if not by mentioning Bitcoin? Michael Saylor has declared himself a Bitcoin Maximalist, meaning he is a person who believes that BTC is the only true cryptocurrency ever created.

Bitcoin maximalists despise other altcoins and view them as fringe, dubious, scam-prone projects. Not surprisingly, Saylor has nearly 130,000 BTC in his portfolio, worth nearly $4 billion. All the more reason to defend the crypto queen, even the conflict with Vitalik Buterin, the co-founder of Ethereum.

Yes, because Bitcoin maximalists also despise Ethereum as well as other altcoins. And in fact, recently on Twitter, the two seem to have fallen out, with Saylor on the one hand calling Ethereum unethical, and Buterin on the other believing that maximalists are incapable of doing anything but transferring BTC.

Tesla's Bitcoin Buying and Selling Story

In February 2021, Musk announced that Tesla owned a major digital currency worth $1.5 billion and began accepting BTC as a means of payment for its e-cars. However, in April, the payment option was closed due to the controversial situation related to Bitcoin miners and the impact of mining on the environment.

Yet Tesla held onto all of those Bitcoins until recently – in Q2 2022, the company got rid of 75% of its BTC, leaving just $218 million in BTC on its balance sheet. Bitcoin was sold at approximately $29,000 per unit, while the company bought BTC at $31,620.

Musk's Bitcoin stash

In March of this year, the eccentric billionaire announced on Twitter that he was not selling his crypto holdings, which at the time consisted of Bitcoin, Ethereum and Dogecoin. It is currently unclear if he kept all of his Bitcoins.

However, regarding Tesla's stance on Bitcoin, Musk assured the community that the company is open to increasing its BTC position in the future. However, in his tweets, Elon Musk emphasizes that he favors and prefers Dogecoin over all other cryptocurrencies, including Bitcoin. He recently tweeted that he "mostly" supports DOGE and continues to buy them in larger quantities.