NewsOct, 2021

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Michael Dell is a believer in the potential of the blockchain

He refused to say if bitcoin was undervalued or overvalued, but he did say that blockchain is "definitely underestimated" as a category. A New York Times weekly DealBook interviewee made the comments on Saturday.

When it comes to bitcoin, Dell was a trailblazer. In 2014, his business, which offers everything from hardware to cloud computing services, started taking bitcoin payments. As a result of "poor demand," it ceased accepting bitcoin payments in 2017.

Elon Musk, the CEO of Tesla, stopped the company's bitcoin transactions in May due to environmental concerns. Cryptocurrency mining uses more energy in a year than certain nations. In addition, some institutions are cautious about cryptocurrency in general after a recent string of high-profile trading mistakes that placed millions of dollars in investors' hands at risk.

Dell's interest in blockchain technology stems from its infrastructure business, which brought in $8.4 billion in sales from providing data storage and other services in the second quarter. The company's 56-year-old billionaire founder recently named blockchain technology a potential income generator alongside self-driving cars and AI-driven medicine.

A massive quantity of data, he said to Yahoo Finance, "is at the heart of the increasingly linked intelligent world." "To keep track of all that data, you'll need infrastructure and technology. As a result, we're the world's top supplier of everything mentioned above."

In 2021, the price of bitcoin fluctuated wildly. A widespread market sell-off in May pushed the value of the digital currency all the way down to $30,000 before it finally crashed. After China declared an outright ban on cryptocurrencies, the price of bitcoin continued to rise and fall in recent weeks, dropping to about $42,000 last month. Since George Soros' investment company revealed that it trades bitcoin, its price has risen to almost $55,000.