Bitcoin to Hit $1M by the Year 2030: Jack Dorsey

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Twitter and Square CEO Jack Dorsey recently shared his bullish prediction for Bitcoin, suggesting that the cryptocurrency could potentially reach a staggering price of at least $1 million by the year 2030. 

Speaking in an interview with journalist Mike Solana on Pirate Wires, Dorsey expressed his optimistic outlook for Bitcoin’s long-term price trajectory, indicating that its value could even surpass the $1 million mark.

Bitcoin Isn’t Solely About its Price

Dorsey emphasized that the value of Bitcoin isn’t solely about its price but rather the collaborative nature of its ecosystem. 

He highlighted how anyone contributing to the improvement of Bitcoin, whether through work, payment, or personal investment, is contributing to the growth of the entire network, which in turn increases 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 said.

Departure from BlueSky

While discussing his departure from the board of BlueSky, a decentralized Twitter alternative he helped launch in 2019, Dorsey expressed dissatisfaction with the platform’s development. 

He criticized BlueSky for repeating the same mistakes as Twitter, stating that it failed to achieve true decentralization and instead resembled just another centralized application.

Originally envisioned as an open-source protocol, Bluesky was intended to separate the protocol layer from the application layer to minimize censorship risks. 

However, Dorsey noted that Bluesky deviated from its initial vision, becoming more like a traditional company with investors and a board, which led to a push for moderation tools.

Alignment with Nostr

In contrast, Dorsey expressed his alignment with Nostr, an anonymous and open protocol with no centralized control, as it better matched his goals of censorship resistance. 

Consequently, Dorsey deleted his Bluesky account and shifted his focus to projects that adhered more closely to the principles of decentralization.

Block and Bitcoin

Furthermore, Dorsey disclosed that his financial services firm, Block, plans to allocate 10% of its gross profit from Bitcoin products to purchasing more BTC every month. This commitment demonstrates Dorsey’s confidence in Bitcoin’s future and his belief in its potential for long-term growth.

Recently, Block also led a $2 million funding round for Gridless, a Kenyan Bitcoin mining business, establishing its presence in the booming sector amid the 2024 BTC halving event.

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