Twitter’s Jack Dorsey predicts Bitcoin could hit $1 million in six years

Jack Dorsey, a prominent tech leader, is making a bold prediction about the future of Bitcoin (BTC), stating that its price could skyrocket to over $1 million by 2030.

In an interview with Pirates Wires, Dorsey emphasized his fascination with the cryptocurrency goes beyond just its price. He highlighted the unique ecosystem and movement surrounding Bitcoin, where everyone involved contributes to its overall improvement:

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. […] It’s a fascinating ecosystem and movement, more than anything else. It taught me a lot.

Dorsey is not alone in his bullish outlook on Bitcoin. Cathie Wood, CEO of Ark Invest, and Jurrien Timmer, director of global macro at Fidelity Investments, have also projected a seven-figure valuation for the digital asset by 2030.

Bleak picture of Bluesky

In other news, Dorsey revealed he has stepped down from the board of Bluesky, a decentralized social media platform he helped envision in 2019. He expressed disappointment with Bluesky’s direction:

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.

This follows Dorsey complimenting how Elon Musk is running X — the social media company that he founded under its former name Twitter. He said the current course taken by X is necessary in the pursuit of free speech.

Meanwhile, Dorsey’s payments firm, Block, is doubling down on its commitment to Bitcoin. The company recently announced a new strategy to invest 10% of its BTC product profits into purchasing more Bitcoin every month.

Block was an early adopter of Bitcoin, investing $220m in 2020. As of the end of Q1 2024, the company’s Bitcoin holdings have surged 160% to reach $573m.

The report follows Dorsey’s payments firm Block has announced plans to plow 10% of profits from its products back into Bitcoin each month.