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- Michael Dell is a fan of blockchain, which could help boost his company’s infrastructure business.
- The 56-year-old billionaire told the New York Times DealBook that blockchain is underrated.
- The remarks came during an interview with the Times DealBook newsletter on Saturday.
Michael Dell is optimistic about blockchain technology.
The founder and CEO of Dell Technologies said blockchain as a category is “likely underrated,” but declined to comment on whether bitcoin is underrated or overrated. The remarks came during an interview with the New York Times DealBook newsletter on Saturday.
Dell was one of the early adopters of bitcoin. Her company, which sells a variety of products ranging from hardware to cloud computing services, began accepting cryptocurrency as a payment method in 2014. It then quit dealing with bitcoin in 2017 due to a ” low demand “.
Tesla’s Elon Musk stopped bitcoin transactions for his company in May, citing concerns about its environmental impact. Mining Bitcoin requires more electricity than some countries consume in a year. And some institutions are generally wary of crypto following a recent spate of high profile trading mistakes that put millions of dollars at risk for investors.
Dell’s interest in blockchain technology is tied to the company’s infrastructure business, where the sale of data storage and other services brought it $ 8.4 billion in revenue in the second quarter. Its 56-year-old billionaire founder recently listed blockchain technology alongside autonomous vehicles and AI-based biotechnology as a potential source of revenue for the company.
“At the heart of you, the increasingly connected intelligent world is an enormous amount of data,” he told Yahoo Finance. “And all of this data requires infrastructure and technology to manage it. We are therefore the world’s leading supplier of all of this. “
The price of bitcoin was very volatile in 2021. The digital coin fell in May, falling to $ 30,000 following a large sell-off in the market. It has continued to rebound in recent weeks, falling to around $ 42,000 last month after China announced an outright ban on cryptocurrencies. Its price has since climbed to over $ 55,000 after George Soros’ investment firm confirmed it was trading bitcoin.
Correction: An earlier version of this story incorrectly stated that Dell was “going to switch” to bitcoin. Dell told Insider it will pass the question of whether bitcoin is overrated or underrated. This story has been updated to reflect this fix.
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