Recently, Michael Dell, the CEO of Dell, a well-known American technology company that specializes in developing, selling, maintaining, and supporting computers and related products and services, shared his views on Bitcoin through the social media platform X. This interaction began with a response from Michael Saylor, the founder of Microstrategy.
It can be said that Michael Dell’s post about Bitcoin has sparked lively discussions among cryptocurrency enthusiasts. Since its establishment by Michael Dell in 1984, the company has grown to become one of the world’s largest personal computer suppliers.
On June 21, Dell tweeted, “Scarcity creates value,” a phrase often associated with Bitcoin because Bitcoin has a supply limit of 21 million, while demand continues to rise.
His tweet quickly caught the attention of Michael Saylor, a well-known advocate for Bitcoin as a corporate financial asset.
The real key, however, lies in Dell’s later sharing of an image of the Sesame Street Cookie Monster, which may have been generated by artificial intelligence or processed through Photoshop, to show this blue furry creature chewing on Bitcoin instead of the chocolate chips he usually eats.
The image was interpreted as a reflection of the reality that when faced with these tempting cryptocurrency profits, who among us doesn’t feel like the Cookie Monster?
Now, this small gesture does not necessarily mean that Dell is about to fully invest in Bitcoin like Saylor, who owns 22,6331 Bitcoins worth $15 billion. But it does make people wonder: has this billionaire technologist developed an interest in cryptocurrency? Perhaps, just perhaps.
Dell has a long history of collaboration with Bitcoin. As early as July 2014, Dell started accepting Bitcoin as a payment method. At that time, Dell was one of the largest e-commerce companies adopting this strategy. By February 2015, after successful trials in the United States, Dell expanded its Bitcoin payment options to the United Kingdom and Canada. During this period, Dell also conducted promotions, including offering a 10% discount on Alienware products for customers paying with Bitcoin.
However, things changed in 2017. Despite the initial excitement, Dell stopped accepting Bitcoin payments that year. The Bitcoin pilot program was terminated due to insufficient demand, making it impossible for the company to continue using this payment method.
That same year, several well-known brands, including Steam, also stopped accepting Bitcoin due to network congestion and high transaction fees. The following year, in 2018, Expedia also stopped directly accepting Bitcoin.
While in conversation with Saylor, Michael Dell launched a poll on X, asking the question, “What do you think will be the next major breakthrough in the tech field?” The options provided included quantum computing, artificial intelligence (AI), blockchain, and space technology.
As of 1:09 PM Eastern Time, there were still 19 hours left, and blockchain was leading the poll with a 37.6% approval rate (13,406 votes). Considering there is almost a day left, the results may change significantly.
Furthermore, according to a recent document, as of May 3, Dell’s balance sheet showed current assets of $34.6 billion, with $5.8 billion in cash and cash equivalents, with no mention of Bitcoin.
Joe Consorti, an analyst at the global macro research firm Bitcoin Layer, believes that Bitcoin could benefit from companies like Dell Technologies because they have the potential to generate additional cash with the emergence of cost-cutting AI technology.
He wrote, “During the AI boom, these companies’ massive reserves will provide further cushioning for capital allocation, as computer manufacturing spending and expansion have never been so rapid or intense in decades,” and added, “Dell has $5.83 billion in cash to accomplish this goal.”
For companies, even holding a small portion of Bitcoin in their balance sheets, such as 1%, can give them a significant advantage in the competition.
For example, if Dell Technologies were to allocate 1% of its $5.83 billion cash reserve to Bitcoin, which would be $58.3 million, based on Bitcoin’s historical annualized return rate of approximately 103.5% over the past ten years, this investment could grow to $118.7 million within a year.
