Twitter co-founder Jack Dorsey has made a bold prediction about the price of Bitcoin, saying that it could reach a staggering $1 million by 2030, and possibly even surpass that figure. Dorsey shared his optimistic outlook during an interview with journalist Mike Solana on Pirate Wires. He also shed light on his departure from the board of BlueSky, a decentralized Twitter alternative that he helped launch in 2019.
Dorsey emphasized that Bitcoin’s price is not the most interesting aspect of the cryptocurrency. Instead, he highlighted the collaborative nature of the Bitcoin ecosystem and how it incentivizes collective efforts to improve the network. He described Bitcoin as a fascinating ecosystem and movement that has taught him a lot.
Earlier this week, Dorsey caused a stir when he announced his departure from the board of Bluesky. He stated that Bluesky was making the same mistakes as Twitter and criticized it for not being truly decentralized. He originally envisioned Bluesky as an open-source protocol that could be used by Twitter and other social media platforms to reduce censorship risks. However, he felt that Bluesky started behaving more like a traditional company by pushing for moderation tools. Dorsey ultimately preferred the censorship resistance offered by Nostr, an anonymous, open protocol with no central control.
In a note to shareholders, Dorsey revealed that his fintech firm, Block, will allocate 10% of its gross profit from Bitcoin-related products to buy more BTC every month. This move demonstrates his confidence in the long-term potential of Bitcoin.
Despite his positive outlook on Bitcoin, Block has recently come under scrutiny from US federal prosecutors who are investigating compliance violations at the firm’s payment divisions, Square and Cash App. This increased regulatory pressure reflects the growing attention that enforcement agencies are placing on cryptocurrency-related crime.
In conclusion, Dorsey’s bullish prediction for Bitcoin’s price and his departure from Bluesky highlight his unwavering belief in the potential of decentralized technology. While facing regulatory challenges, Dorsey remains committed to the transformative power of Bitcoin and its ecosystem.