#BTCUptober Will Michael Dell Buy $1.2 Billion of Bitcoins after Recent Stock Sale?
$BTC Michael Dell cryptic tweet “Scarcity creates value”, a phrase associated with Bitcoin, has made many believe that the Dell founder would be investing in Bitcoin at one point.
Key Notes
Michael Dell, founder and CEO of Dell Technologies, sold 10 million shares worth $1.2 billion in September.
The crypto community is speculating whether Dell's recent liquidation will lead to investments in Bitcoin.
Dell Technologies, rejoining the S&P 500 in September, has seen its stock rise 58.5% this year.
Founder and CEO of Dell Technologies Michael Dell recently sold off a total of 10 million shares in the company marking his second big sell-off in the month of September. The US SEC filing on September 20 showed that Michael Dell liquidated $1.2 billion of Dell Technologies stock and still holds over 16.91 million shares worth more than $2 billion.
Amid his pro-crypto stand in recent times, the crypto community remains curious as to whether the Dell founder will move some of this liquidation to BTC. However, there’s no clarity as to why did Michael Dell sell this huge quantity.
Earlier this year in June, Michael Dell tweeted “Scarcity creates value”, a phrase often associated with Bitcoin due to its limited supply of $21 million tokens and the rising demand.
Bitcoin advocate Micahel Saylor was quick to respond to him back that Bitcoin is Digital Scarcity. He later posted an AI-generated image of the Cookie Monster from Sesame Street enjoying Bitcoin-themed cookies
However, there’s been no major move from the Dell founder following this exchange of tweets so far. There’s no doubt that a number of global leaders are looking at Bitcoin as a hedge against the current economic uncertainties.
Furthermore, institutional inflows into spot Bitcoin ETFs have also surged following the Fed rate cuts in mid-September. Top tech mavericks like Mark Cuban, Elon Musk, etc. are investors in cryptocurrencies.
