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Bitcoin Price to $1 Million? Jack Dorsey Thinks So

Published May 10, 2024 10:12 AM
Teuta Franjkovic
Published May 10, 2024 10:12 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Jack Dorsey’s million-dollar price prediction suggested strong confidence in Bitcoin’s long-term growth potential.
  • Cathie Wood also said recently that BTC could hit seven figures.
  • Meanwhile, Dorsey’s criticism of Bluesky shows a resistance to centralized control.
  • The federal probe into Dorsey’s Block creates uncertainty while the company doubles down on its Bitcoin investment strategy.

Twitter co-founder Jack Dorsey has says Bitcoin could reach or even top  $1 million by the year 2030.

In a recent interview , Dorsey expressed a highly optimistic outlook on Bitcoin’s long-term price trajectory. His forecast comes not long after Cathie Wood of ARK Invest also said BTC could reach seven figures.

Bitcoin to Hit $1 Million and Beyond, Says Jack Dorsey

He emphasized  that while the potential price milestone is notable, the true intrigue of Bitcoin lies in its ecosystem. According to Dorsey, the nature of Bitcoin’s community are more interesting than its market price alone.

Additionally, Dorsey, who now leads the financial services firm Block, shared insights into his sudden departure from the board of BlueSky, a decentralized platform he initiated in 2019 as an alternative to Twitter. His comments reflect a deep belief in Bitcoin’s future growth, predicting that it will not only reach the million-dollar mark but potentially surge beyond it.

He said :

“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 also added how he thinks Bitcoin is a fascinating ecosystem and movement, more than anything else and confirmed it taught him a lot.

Wood Revises Bitcoin Timeline, Million-Dollar Mark May Be Closer

Dorsey isn’t the only one who is optimistic regarding the Bitcoin price. In a recent appearance  on the online video show, Cathie Wood, the CEO of ARK Invest, expressed her continued confidence in Bitcoin. suggesting that its value could exceed $1 million sooner than previously anticipated. Previously, Wood had projected that Bitcoin might reach this milestone by 2030, but she now believes it could happen even earlier.

Wood’s bold prediction is based on a blend of Bitcoin’s inherent characteristics, which she argues make it a superior currency, as well as recent developments that further bolster its potential.

Her optimism isn’t just speculation, however. It is based in analysis  conducted by her team at ARK Invest.

Dorsey Slams Bluesky: “It’s Not What I Intended to Create”

Dorsey recently made headlines with his decision to leave the board of Bluesky, a decentralized social network initiative he helped to launch as an alternative to Twitter. During his interview, Dorsey expressed disappointment with the direction Bluesky had taken. He went on to criticize it for not achieving the decentralization he had hoped for. He said Bluesky was “literally repeating all the mistakes [Twitter] made” and described it as just “another app”.

Dorsey initially conceived Bluesky as an open-source protocol upon which Twitter and other social media platforms could build, He wanted it to separate the protocol layer from the application layer. This separation was intended to minimize censorship risks. However, Dorsey claimed Bluesky began to mirror a traditional company structure, increasingly focusing on developing moderation tools. This deviated from its original mission of creating an open and less regulated platform.

He said :

“Everything we wanted around decentralization, everything we wanted in terms of an open source protocol, suddenly became a company with VCs and a board. That’s not what I wanted, that’s not what I intended to help create.”

Block Doubles Down on Bitcoin Amidst Federal Probe

Dorsey recently deleted his Bluesky account. His focus then shifted  towards Nostr, an anonymous and open protocol that operates without centralized control or company oversight. He said Nostr was a better fit with his vision, a significant pivot in his approach to social network platforms.

Additionally, Dorsey revealed in a note to shareholders on May 2  that his fintech company, Block, plans to reinvest 10% of its gross profit from Bitcoin-related products into purchasing more Bitcoin each month. This strategy underscores his commitment to and confidence in Bitcoin’s future.

Meanwhile, on May 1, it was reported  that US federal prosecutors were investigating Block following allegations of compliance violations within its payment divisions, Square and Cash App.

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