Michael Dell, CEO of Dell Technologies DELL, indicated a possible interest in Bitcoin BTC/USD through a series of social media interactions with Bitcoin proponent Michael Saylor.
What Happened: Michael Dell retweeted a Bitcoin-supportive message from Michael Saylor, the executive chairman of MicroStrategy MSTR. The interaction started with a post from Dell stating, "Scarcity creates value," leading to Saylor’s reply, "Bitcoin is Digital Scarcity," which Dell retweeted.
The dialogue continued with Dell later sharing a digitally modified image of Sesame Street’s Cookie Monster, depicted as consuming Bitcoin instead of cookies.
MicroStrategy’s CEO Saylor has guided the company to acquire 226,331 Bitcoin, valued at around $14.9 billion (as of June 20), over the past four years. He has also been advocating for other corporations to incorporate Bitcoin into their balance sheets.
Why It Matters: Michael Dell’s interest in Bitcoin could potentially influence Dell Technologies’ financial strategy. With a significant amount of cash and cash equivalents ($5.8 billion) on its balance sheet, the company can invest in Bitcoin, following in the footsteps of MicroStrategy. This move creates curiosity whether Dell’s interest will translate into action.
The image tweet received reactions with one being from The Bitcoin Therapist, saying "Can you just tell us if you're buying Bitcoin for DELL balance sheet so I can get in early or not." He also tweeted:
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Who Is Bitcoin Influencer Max Keiser?
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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