Bitcoin
Bitcoin
The bitcoin price has dropped back from over $70,000 per bitcoin earlier this month amid an “unprecedented” BlackRock Federal Reserve warning.
Now, as one bitcoin and crypto legend bets on a huge China pivot, tech billionaire Michael Dell has sparked wild speculation his computer company could follow MicroStrategy and Elon Musk’s Tesla into bitcoin.
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Michael Dell, the chief executive of Dell Technologies, has sparked wild speculation he could follow … [+]
“Scarcity creates value,” Dell, who founded the computer company that bears his name in the 1980s, posted to X. “Bitcoin is digital scarcity,” MicroStrategy founder Michael Saylor replied, which Dell then reposted.
Dell, who’s the world’s 14th richest person according to Forbes data, later posted an image of Sesame Street’s Cookie Monster eating bitcoins.
The interaction between Dell and Saylor mirrors a similar back-and-forth between Tesla billionaire Elon Musk and Saylor in late 2020 before Musk revealed Tesla had bought $1.5 billion worth of bitcoin. Tesla then sold most of its bitcoin in 2022 but continues to hold 10,000 bitcoin worth around $600 million.
Saylor has emerged as one of the most bullish and fanatical bitcoin supporters, buying 214,400 bitcoin via MicroStrategy since the summer of 2020—1% of all the bitcoin that will ever exist—and spearheading a movement to adopt bitcoin as a reserve asset for other corporate treasuries.
“It seems that Dell may be the next domino to fall,” Marty Bent, a bitcoin investor and managing partner at venture capital company Ten31, wrote in an emailed note.
“Once the floodgates truly open and everyone begins to funnel into bitcoin, one can only imagine what that will do to price and the quality of the businesses that adopt this mindset.”
An anonymous but widely followed X user added that “every billionaire in the world is going to realize the fastest way to build shareholder value and drive a massive premium on their stock is to adopt a bitcoin standard.”
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The bitcoin price has rocketed higher over the last few months, climbing back to its all-time high … [+]
MicroStrategy has seen its share price rocket since it began buying bitcoin in the summer of 2020, climbing almost 1,000% and propelling the software company to a $26 billion market capitalization.
Last month, medical device maker Semler Scientific announced it had bought $40 million worth of bitcoin and would continue to buy bitcoin in the future, boosting its stock price by almost 60%.
“We believe [bitcoin] has unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability,” Semler chairman Eric Semler said in a press release, adding he thinks bitcoin could eventually rival gold’s near-$16 trillion market capitalization.
“We also believe its digital, architectural resilience makes it preferable to gold, which has a market value of approximately 10 times that of bitcoin.”
Read More: ‘The Next Domino To Fall’—Tech Billionaire Primes Bitcoin For A Massive Price Shock
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