Blockchain
‘The Next Domino to Fall’: Tech Billionaire Sets Bitcoin Up for Huge Price Shock
Bitcoin
Bitcoin
and cryptocurrency prices have fluctuated wildly this week Donald Trump, former US president and 2024 White House aspirant, issues a serious warning about a potential collapse of the US dollar.
The price of bitcoin has fallen from over $70,000 per bitcoin earlier this month amid an “unprecedented” Federal Reserve warning from BlackRock.
Now, as a bitcoin and cryptocurrency legend bets on a huge China pivotTech billionaire Michael Dell has sparked wild speculation that his computer company could follow MicroStrategy and Elon Musk’s Tesla into bitcoin.
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Michael Dell, CEO of Dell Technologies, has sparked wild speculation that he may follow… [+] MicroStrategy and Elon Musk’s Tesla in bitcoin after the latest bitcoin price boom.
AFP via Getty Images
“Scarcity creates value,” says Dell, who founded the computer company that bears his name in the 1980s, published to X. “Bitcoin is digital scarcity,” responded MicroStrategy founder Michael Saylor, who then Dell republished.
Dell, who according to him is the fourteenth richest person in the world Forbes data, later published an image of the Cookie Monster from Sesame Street eating bitcoin.
The interaction between Dell and Saylor mirrors a similar exchange between Tesla billionaire Elon Musk and Saylor in late 2020 before Musk revealed that Tesla had purchased $1.5 billion worth of bitcoin. Tesla then sold most of its bitcoins in 2022, but continues to hold 10,000 bitcoins worth about $600 million.
Saylor has emerged as one of bitcoin’s most bullish and fanatical proponents, purchasing 214,400 bitcoins through MicroStrategy since the summer of 2020 (1% of all bitcoin that will ever exist) and leading a movement to adopt bitcoin as a reserve asset for others companies. treasures.
“It looks like Dell could be the next domino to fall,” Marty Bent, a bitcoin investor and managing partner at venture capital firm Ten31, wrote in an emailed note.
“Once the floodgates really open and everyone starts funneling into bitcoin, one can only imagine what that will affect the price and quality of companies that adopt this mindset.”
An anonymous but widely followed user added that “every billionaire in the world will realize that the fastest way to create shareholder value and get a huge premium on their shares is to adopt a bitcoin standard.”
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The price of bitcoin has risen dramatically in recent months, returning to its all-time high… [+] of around $70,000 per bitcoin.
Forbes Digital Resources
MicroStrategy has seen its stock price skyrocket since it began buying bitcoin in the summer of 2020, rising nearly 1,000% and pushing the software company to a market capitalization of $26 billion.
Last month, medical device maker Semler Scientific announced that it had purchased $40 million worth of bitcoin and would continue to purchase bitcoin in the future, boosting its stock price by nearly 60%.
“We believe [bitcoin] has unique characteristics as a scarce and limited asset that can serve as a reasonable hedge against inflation and a safe haven amid global instability,” Semler President Eric Semler said in a press release, adding that he believes bitcoin could possibly rivaling gold’s nearly $16 trillion market capitalization.
“We also believe its digital and architectural resilience makes it preferable to gold, which has a market value approximately 10 times that of bitcoin.”