Dell Q2 Earnings Suggest CEO May Be More Skeptical of Crypto Than He Claims
- Dell Technologies' Q2 earnings revealed no signs of $BTC despite the CEO publicly supporting crypto.
- Michael Dell's crypto-related interview and tweets contrast with his financial actions.
- $BTC's absence in Dell's recent earnings report sparks speculation about the tech hub's crypto stance.
Although the Dell Q2 earnings report showcased the company's revenue has reached $25B (up 9% year-over-year), spectators were shocked to see no signs of $BTC.
Market whispers suggested Dell would hold $BTC as part of its growth strategy following the CEO's newfound crypto advocacy - despite self-proclaiming he was once a proud skeptic' of the currency.
It's time to uncover Dell's crypto stance amidst more tech titans exploring blockchain tech.
Dell Says $BTC is a Legit Financial Instrument'Regardless of the previous crypto skepticism, Dell's CEO (Michael Dell) fueled speculation that the tech hub might invest in $BTC after calling it a legitimate financial instrument'during an interview with BlackRock's CEO, Larry Fink.
Fascinating #Bitcoin pic.twitter.com/LYzl423eBm
- Michael Dell (@MichaelDell) July 15, 2024
However, the first sign of his crypto bullishness was an X post on June 20 that said scarcity creates value' - scarcity is often linked to $BTCbecause of its 21M hard cap.
MicroStrategy's CEO (Michael Saylor, a major crypto advocate) stoked the flames and commented #Bitcoin is Digital Scarcity' on the post.
#Bitcoin is Digital Scarcity.
- Michael Saylor
(@saylor) June 20, 2024
The following day, Dell posted a poll asking his followers what they value the most: quantum computing, AI, blockchain, or space tech. Blockchain came on top with 38.6% of votes.
He conducted another blockchain-featured poll one week later. This time, he asked his followers to pick between AI, Bitcoin, love and relationships, or none of the above as their most important things.'
Bitcoin received the most votes, with many participants suggesting it was a no-brainer.
The most important thing
- Michael Dell (@MichaelDell) June 28, 2024
Nonetheless, despite all the commotion and pro-crypto posts, there are still no signs of Dell purchasing $BTC or other digital assets.
Other Tech Champ Reveals $BTC Holdings ($13.49B Worth)If Dell had disclosed its $BTC holdings in the recent Q2 report, it wouldn't have been out of the ordinary.For example, MicroStrategy (another tech leader) revealed that it holds 226,500 $BTC (around $13.49B according to its portfolio tracker) in its latest fiscal report.
Semler Scientific also recently announced the size of its $BTC stash - 828 $BTC acquired for $57M (now valued at around $49M).
Given that other tech companies are exploring $BTC, Dell may be missing a key opportunity.
Our Verdict - Dell's Words Don't Add UpConsidering Dell's newfound Bitcoin interest, the CEO's words don't quite add up.
The company's lack of $BTC holdings suggests that, unlike other technology leaders,the CEO remains skeptical about cryptocurrencies, despite renouncing that position during his talk with BlackRock's Larry Fink.
Perhaps the company isn't quite ready to jump into the blockchain. It'll be interesting to see what their Q3 earnings report spotlights.
ReferencesClick to expand and view sources
- MicroStrategy Announces Second Quarter 2024 Financial Results; Now Holds 226,500 BTC (MicroStrategy)
- Michael Saylor MicroStrategy Bitcoin Holdings (MicroStrategy Portfolio Tracker)
- Semler Scientific Announces Additional Bitcoin Purchases (Semler Scientific)
- BTC/USD: Convert Bitcoin (BTC) to United States Dollar (USD) (Coinbase)
The post Dell Q2 Earnings Suggest CEO May Be More Skeptical of Crypto Than He Claims appeared first on The Tech Report.