Michael Dell says blockchain is underrated, refuses to comment on Bitcoin

The founder of Dell Technologies, Michael Dell, has said in an interview that blockchain is underrated. Dell Technologies has been among the earliest companies in the world to accept Bitcoin as a mode of payment, as they started accepting the cryptocurrency in 2014. With advancements in blockchain networking technology, Dell is looking forward to boosting its data infrastructure business by manufacturing high-quality storage drives. 

While the hype around cryptocurrency is increasing worldwide, several companies are planning to accept crypto as a mode of payment in exchange for their services or products. In March 2021, Tesla CEO Elon Must announced that the electric vehicle manufacturer would start accepting Bitcoin as a mode of payment. However, in May 2021, Musk announced that the company would no longer accept Bitcoins over concerns about the impact of mining on the environment. Other companies that accept Bitcoin include Microsoft, Shopify, Wikipedia and more. 

Dell Technologies founder says blockchain technology is underrated

In an interview with the New York Times newsletter, Michael Dell said that blockchain is "probably underrated." However, he did not comment on Bitcoin and whether the cryptocurrency is underrated or overrated. It is important to note that while Dell started accepting Bitcoin as a payment method in 2014, it stopped accepting the coin due to low demand in 2017. In yet another statement, Dell told Yahoo Finance that "At the centre of you know the increasingly connected intelligent world is an enormous amount of data. And all that data requires infrastructure and technology to manage it. And so, we're the world's leading provider of all of that." 

Dell's inclination towards data and technology is not new. Previously, the 56-year-old billionaire mentioned in a statement that data requires infrastructure to manage and that Dell is the world's leading provider of devices required to store and manage data. This infrastructure business generated a whopping $8.4 billion in revenue for the company in the second quarter of 2021. The founder has also listed blockchain technology alongside Ai-driven biotech and self0driving vehicles as a potential source of revenue for the company in the coming future. 

Image: PTI