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Bitcoin Posts Highest Daily Gains in 2 Months, Jack Dorsey Says Price Will Surpass $1 Million
Bitcoin Posts Highest Daily Gains in 2 Months, Jack Dorsey Says Price Will Surpass $1 Million
Known for running X (formerly Twitter) between 2015 and 2021, Dorsey has since moved into crypto. He co-founded Block, Inc (formerly Square) and also served on the board of directors of Bluesky, a decentralized social media platform. In a recent interview, he discussed his views on the future of Bitcoin.
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Dorsey first explained why he left Bluesky’s board and even deleted his profile on the platform, explaining that the “moderation tools” employed by the company made Dorsey realize that “this was literally repeating all the mistakes we’ve made as a company,” referring to his time with Twitter.
“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. That’s not what I wanted, that’s not what I intended to help create,” he said.
Dorsey then began discussing more Bitcoin-specific topics. When asked where the price of Bitcoin could be in 2030, Dorsey responded:
“I don’t know. More… at least a million. I think it hits that number and goes beyond. But I think the price is just interesting… The most amazing thing about of Bitcoin, apart from the founding story, is anyone working on it, getting paid, or buying it for themselves – everyone who puts effort into improving it – improving the entire ecosystem, which drives the price up. It’s a fascinating ecosystem and. the movement, more than anything else. It taught me a lot.
Trending: Bitcoin has already jumped 45% this year – how much would you need to start today?
If Dorsey is correct, that would mean a price increase of more than 1,400%. While that’s not much compared to the context of Bitcoin’s past price increases, it would result in a market cap of over $19.7 trillion, which is close to the total market cap of the Nasdaq Index 100. While not completely impossible, widespread adoption would be necessary for the price predictions to come true.
Dorsey is not the first well-known crypto enthusiast to propose a price target of $1 million by 2030. The ARK Invest CEO raised her forecast from $1.5 million by 2030 to a staggering figure. $3.8 million. So Dorsey is not alone in making his prediction, but few investors would necessarily agree with him.
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Dorsey seemed to just throw out a number when asked, which could mean he hasn’t given it much thought or isn’t extremely firm in his prediction. He also goes on to mention that the “ecosystem and movement” is what interests him, which leads to price increases.
Even though Dorsey doesn’t really believe Bitcoin will hit $1 million by 2030, it’s still interesting to think about. Additionally, Dorsey’s perspective as a developer provides unique insight into potential price appreciation.
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