MicroStrategy founder and Chairman Michael Saylor allegedly pitched Bitcoin (BTC) to Michael Dell, the CEO of United States computer company Dell Technologies.
Scarcity Creates Value: Dell CEO
Dell has always said he was not interested in Bitcoin even after acknowledging that the underlying blockchain technology behind the coin is “underrated.” However, Saylor’s pitch came after the 59-year old Dell executive stirred excitement amongst Bitcoin enthusiasts on Thursday with his cryptic social media post.
“Scarcity creates value,” Dell wrote on X, suggesting his indirect recognition of Bitcoin’s fixed supply limit.
This post got members of the crypto community speculating with many wondering what could have prompted Dell to make such a post. One X user responded to the post, noting that scarcity alone does not create value and that value is subjective.
This is a standpoint that anti-Bitcoin experts like Peter Schiff will take. People who belong to this group say that scarcity without utility has no meaning.
Not much detail is known about Saylor’s Bitcoin pitch but only time will tell if he and other BTC marxists like Robert Kiyosaki can successfully influence Dell’s stance towards Bitcoin. Recently, Michael Dell posted an image with a Bitcoin emoji suggesting his stance might be changing.
This is a great account to follow @MeCookieMonster. Very entertaining 😂 pic.twitter.com/RJFcNpCXrN
— Michael Dell (@MichaelDell) June 21, 2024
Michael Saylor did it before with Tesla CEO Elon Musk. Both had a social media exchange after Saylor started buying Bitcoin in 2020. In the end, Musk was convinced and ended up bagging a share of the Bitcoin currency.
Bitcoin as a Store of Value
Bitcoin has evolved as a means of payment and has now been reinvented as a store of value with. It now competes primarily with gold and other top traditional assets. It recently surpassed JPMorgan and Wells Fargo in market cap to prove its growth over the years.
Until now, not many have come to accept what the crypto coin is capable of. Within the space of 15 years, the coin has grown tremendously in value and has made many investors millionaires. At the time of this writing, Bitcoin was trading at $63,627.83 down by 3.22% within the last 24 hours.
MicroStrategy is a firm that puts its money where its mouth is. It recently completed the offering of $800 million in Convertible Senior Notes which it used to fund a new Bitcoin purchase.
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