Jack Dorsey, a prominent technology leader, makes a bold prediction about the future of Bitcoin (BTC), saying its price could skyrocket to over $1 million by 2030.
In an interview with Pirates Wires, Dorsey emphasized that his fascination with cryptocurrency goes beyond its price. He highlighted the unique ecosystem and movement around Bitcoin, in which everyone involved contributes to its overall improvement:
The most amazing thing about Bitcoin, besides the founding story, is that anyone who works on it, gets paid for it, or buys it for themselves – anyone who puts effort into making it better – makes the whole thing better of the ecosystem, which drives up the price. (…) It’s a fascinating ecosystem and movement, more than anything else. It taught me a lot.
Dorsey is not the only one with an optimistic view of Bitcoin. Cathie Wood, CEO of Ark Invest, and Jurrien Timmer, director of global macro at Fidelity Investments, also predicted a seven-figure valuation for the digital asset by 2030.
Dark image of Bluesky
Separately, Dorsey revealed that he had resigned from the board of directors of Bluesky, a decentralized social media platform he helped imagine in 2019. He expressed his disappointment with Bluesky's leadership:
Everything we wanted in terms of decentralization, everything we wanted in terms of an open source protocol, suddenly became a company with venture capitalists and a board of directors. (…) This is not what I wanted, this is not what I intended to help create.
This follows Dorsey complimenting the way Elon Musk runs X — the social media company he founded under its former name Twitter. He said the current path taken by X is necessary in the pursuit of freedom of expression.
Meanwhile, Dorsey's payments company Block is doubling down on its commitment to Bitcoin. The company recently announced a new strategy to invest 10% of profits from its BTC products into purchasing more Bitcoin each month.
Block was an early adopter of Bitcoin, investing $220 million in 2020. By the end of the first quarter of 2024, the company's Bitcoin holdings jumped 160% to $573 million.
The report follows Dorsey's payments company Block announcing plans to reinvest 10% of its product profits in Bitcoin each month.