Bitcoin
‘The next domino to fall’ – Tech billionaire sets Bitcoin up for massive price shock
Bitcoin
Bitcoin
and cryptocurrency prices have fluctuated wildly this week former US president and 2024 White House hopeful Donald Trump issues a serious warning about a potential collapse of the US dollar.
Bitcoin price has fallen from over $70,000 per bitcoin earlier this month amid “unprecedented” warning from BlackRock Federal Reserve.
Now, As a Bitcoin and Crypto Legend Bets on a Massive China PivotTech billionaire Michael Dell has sparked wild speculation that his computer company could follow Elon Musk’s MicroStrategy and Tesla into bitcoin.
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Michael Dell, the chief executive of Dell Technologies, has sparked widespread speculation that he could follow… [+] MicroStrategy and Elon Musk’s Tesla have bet on bitcoin after the latest bitcoin price boom.
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“Scarcity creates value,” said Dell, who founded the computer company that bears his name in the 1980s. posted to X. “Bitcoin is digital scarcity,” responded MicroStrategy founder Michael Saylor, who Dell then republished.
Dell, who is the 14th richest person in the world according to Forbes data later posted an image of Cookie Monster from Sesame Street 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 that Tesla bought $1.5 billion in bitcoin. Tesla then sold most of its bitcoin in 2022, but continues to hold 10,000 bitcoins worth about $600 million.
Saylor has emerged as one of bitcoin’s most optimistic and fanatical supporters, purchasing 214,400 bitcoins via 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 other companies. treasures.
“It looks like Dell could be the next domino to fall,” wrote Marty Bent, a bitcoin investor and managing partner at venture capital firm Ten31, in an emailed note.
“When the floodgates really open and everyone starts funneling into bitcoin, we can only imagine what this will do to 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 build shareholder value and generate a huge premium on their shares is to adopt a bitcoin standard.”
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The price of bitcoin has soared in recent months, returning to its all-time high… [+] of around US$70,000 per bitcoin.
Forbes Digital Assets
MicroStrategy has seen its share price soar since it began buying bitcoin in the summer of 2020, rising nearly 1,000% and propelling 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 that it would continue to buy bitcoin in the future, increasing its share price by nearly 60%.
“We believe [bitcoin] has unique characteristics as a scarce and finite asset that can serve as a reasonable hedge against inflation and a safe haven amid global instability,” said Semler President Eric Semler in a press release, adding that he believes the Bitcoin could eventually rival gold’s nearly $16 trillion market capitalization.
“We also believe that its digital architectural resilience makes it preferable to gold, which has a market value approximately 10 times that of bitcoin.”