Jack Dorsey predicted Bitcoin to grow to $1 million
Jack Dorsey predicted Bitcoin to grow to $1 million
Twitter Co-Founder and current Block CEO Jack Dorsey has expressed an optimistic prediction about the future price of Bitcoin (BTC).
In an interview with journalist Mike Solana on Pirate Wires on May 9, he stated that he believes it is possible for the price of BTC to reach at least $1 million by 2030.
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When asked by Solana about the value of Bitcoin in 2030, Dorsey replied, "I don't know. More like a million, at least. I think it will reach that number and go beyond."
However, he emphasized the impact of everyone in the Bitcoin ecosystem on its development: "The most amazing thing about Bitcoin, other than the story of its founding, is that everyone who works on it, gets paid in it, or buys it for themselves – everyone who puts some effort into making it better – makes the whole ecosystem better, which makes the price go up."
In addition to his predictions about price, Dorsey discussed additional context for his departure from the board of Bluesky, a decentralized alternative to Twitter that he has been involved with since its launch in 2019. He noted that instead of becoming a truly decentralized protocol, Bluesky has become more like a traditional company with venture capitalists and a board of directors.
Beside criticizing Bluesky's direction, Dorsey noted his belief in the Bitcoin ecosystem and its collective efforts to improve the network. He noted that Bitcoin's strength lies not only in its price, but also in how each participant working to improve it contributes to the entire ecosystem.
In addition, Dorsey has demonstrated his belief in Bitcoin's future through his actions. In early May, he announced his plan to allocate 10% of the gross profits of Block, a company associated with BTC-based products, to the cryptocurrency each month, Cointelegraph reported.
However, it should be noted that the US Attorney's Office recently initiated a review of Block's operations after its employees reported problems at the company to the authorities. Authorities believe the company failed to comply with regulatory requirements and repeatedly violated sanctions.
The investigation involved the company's two cryptoasset-related divisions, Square and Cash App. Prosecutors believe Block processed transactions related to sanctioned countries and terrorist groups.
While Dorsey's predictions are generating a lot of interest in the investment community, their realization depends on a number of factors, including the regulatory environment, technological innovation, and widespread adoption of cryptocurrency.
At the time of writing, BTC is trading at $62,879, up 2% in the last 24 hours.
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