Jack Dorsey, the co-founder of Twitter and current head of financial services firm Block, has made a bold prediction about the future price of Bitcoin.
In a recent interview with journalist Mike Solana on Pirate Wires, Dorsey forecasted that the world’s largest cryptocurrency could reach a price of at least $1 million by the year 2030, with the potential for further growth beyond that point.
TLDR
Jack Dorsey, Twitter co-founder and head of financial services firm Block, predicts that the price of Bitcoin could reach at least $1 million by 2030 and potentially grow even further.
Dorsey emphasized that the collaborative nature of the Bitcoin ecosystem and the efforts made by its participants to improve the network are the most fascinating aspects, ultimately driving up its value.
Dorsey recently departed from the board of Bluesky, a decentralized Twitter alternative he helped launch, citing concerns that it was deviating from its original vision of decentralization and censorship resistance.
Dorsey expressed support for Nostr, an anonymous, open protocol with no centralized control, as it aligns more closely with his goals of censorship resistance.
Block, Dorsey’s fintech firm, has committed to reinvesting 10% of its gross profit from Bitcoin-related products into buying more BTC every month, despite facing a federal probe into alleged compliance violations.
Dorsey’s bullish sentiment comes at a time when the crypto market is experiencing significant price fluctuations. At the time of writing, Bitcoin is trading at around $63,000, well below its all-time high of $73,000 reached in March 2024.
However, Dorsey’s long-term outlook remains optimistic, citing the unique and collaborative nature of the Bitcoin ecosystem as a key driver of its value.
“The most amazing thing about Bitcoin, apart from the founding story, is anyone who works on it, or gets paid in it, or buys it for themselves — everyone who puts any effort in to make it better — is making the entire ecosystem better, which makes the price go up,”
Dorsey explained.
He emphasized that the price of Bitcoin, while impressive, is not the most interesting aspect of the cryptocurrency.
Instead, he highlighted the decentralized and censorship-resistant nature of the ecosystem, which incentivizes collective efforts to enhance the network.
why he left bluesky, how twitter went public and lost its way, jack’s strategy for ending censorship forever, new background on the elon saga, and the death of social media as we know it. my interview with jack dorsey: https://t.co/kI7v088JDV
— Mike Solana (@micsolana) May 9, 2024
Dorsey’s bullish prediction comes on the heels of his surprise departure from the board of Bluesky, a decentralized social network he helped launch as an alternative to Twitter.
In a recent statement, Dorsey revealed that Bluesky had begun to deviate from its original vision of decentralization, becoming more centralized with the involvement of venture capitalists and a board.
“Everything we wanted around decentralization, everything we wanted in terms of an open-source protocol, suddenly became a company with VCs and a board. That’s not what I wanted; that’s not what I intended to help create,”
Dorsey said.
As a result of these concerns, Dorsey deleted his Bluesky account and expressed support for Nostr, an anonymous, open protocol with no centralized control, which he believes aligns more closely with his goals of censorship resistance.
Dorsey’s departure from Bluesky and his endorsement of Nostr underscore his commitment to decentralization and his belief in the transformative potential of blockchain technology.
In addition to his bullish Bitcoin prediction and his stance on decentralized social networks, Dorsey also revealed that his fintech firm, Block, will be reinvesting 10% of its gross profit from Bitcoin-related products into buying more BTC every month.
This announcement comes amid reports that federal prosecutors are probing Block for alleged compliance violations at its payment divisions, Square and Cash App.
Despite the ongoing federal investigation, Dorsey’s confidence in Bitcoin and his willingness to continue investing in the cryptocurrency demonstrate his long-term commitment to the asset and its underlying technology.
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