Bitcoin’s Wild Ride: Will Tech Billionaires Like Michael Dell Follow Elon Musk into Crypto?
The bitcoin price has been on a rollercoaster ride this week, dropping 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.
Bitcoin’s price has been on a wild ride this week.
Michael Dell, the chief executive of Dell Technologies, has sparked wild speculation he could follow MicroStrategy and Elon Musk’s Tesla into bitcoin after the latest bitcoin price boom. “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 richest 14th richest person according to Forbes data, later posted an image of Sesame Street’s Cookie Monster eating bitcoins.
Cookie Monster loves 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.
“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.”
A bitcoin standard could be the key to unlocking shareholder value.
As the bitcoin price continues to swing wildly, one thing is clear: the world’s richest and most influential people are taking notice of crypto. Will Michael Dell be the next to join the bitcoin bandwagon? Only time will tell.
