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Michael Dell isn’t a fan of Bitcoin, but he believes the blockchain concept as a whole has legs.
Michael Dell, the founder of Dell Technologies, has stated that he is “going to pass” on Bitcoin.
Speaking to The New York Times in an interview published today, Dell said although he’s not going to get into Bitcoin, blockchain is “probably underrated.” His final word on Bitcoin? “I don’t know.”
The 56-year-old billionaire who founded the company that built the computer on which this article was written is possibly a genius. His computer company, which has sold approximately 800 million PCs, has an estimated market value of $80 billion.
However, Bitcoin, a globally distributed network of virtual currency, devours figures like that for breakfast (and even vomits them up hours later). Bitcoin has increased by about 15% in the last week, or about $150 billion. In fact, Bitcoin is now worth roughly 13 times more than Mr. Dell’s company.
Dell did not completely dismiss Bitcoin. Through a partnership with Coinbase, the company began accepting Bitcoin payments in mid-2014. In July 2014, it ran a month-long promotion in which it offered 10% off Alienware computers using Bitcoin up to $150.
Bitcoin was worth around $620 at the time. This means that $150 would be worth $13,770 today. Due to low demand, Dell stopped accepting Bitcoin in October 2017. Maybe Dell got it wrong again: shortly after, Bitcoin spiked to near-$20,000 highs, the highest price of Bitcoin until earlier this year.