Jack Dorsey, the co-founder of Twitter, predicts that the price of Bitcoin could reach $1 million by 2030 and continue to grow even further. In an interview with journalist Mike Solana, Dorsey expressed his bullish outlook on Bitcoin’s long-term price action. He also provided insight into his departure from the board of BlueSky, a decentralized Twitter alternative that he helped launch.
Dorsey believes that Bitcoin’s price will at least hit $1 million by 2030 and likely surpass that number. However, he emphasized that the price is not the most interesting aspect of Bitcoin. Instead, he highlighted the collaborative nature of the ecosystem and how it incentivizes collective efforts to enhance the network.
Dorsey’s departure from the board of BlueSky raised eyebrows, as he described the platform as repeating the mistakes made by Twitter. He stated that it is not a truly decentralized protocol but rather another app. Originally, Dorsey envisioned BlueSky as an open-source protocol for social media platforms to build on, separating the protocol layer from the application layer to reduce censorship risks. However, the platform started behaving more like a traditional company and began pushing for moderation tools. Dorsey found that Nostr, an anonymous and open protocol with no centralized control, aligned more with his goals of censorship resistance.
In a note to shareholders, Dorsey announced that his fintech firm, Block, would use 10% of its gross profit from Bitcoin-related products to buy more BTC every month. However, Block has recently faced scrutiny from US federal prosecutors over alleged compliance violations at its payment divisions, Square and Cash App.
Overall, Dorsey remains optimistic about Bitcoin’s future and sees it as more than just a financial asset. He views it as a fascinating ecosystem and movement that has taught him a lot.