Jack Dorsey Forecasts Bitcoin to Exceed $1M by 2030; Discusses BlueSky Departure
Summary:
Twitter co-founder Jack Dorsey predicts Bitcoin to reach at least $1 million by 2030 and potentially surpass that. Dorsey praises the collective nature of the Bitcoin ecosystem which he believes will drive the price. He also unpacks his recent departure from the board of BlueSky, a decentralized Twitter alternative, rejecting its departure from true decentralization. Dorsey endorses Nostr, an anonymous open-source protocol, aligns with his censorship resistance goals and shares plans for his fintech firm, Block, to invest 10% of its Bitcoin-related profit back into the cryptocurrency.
Jack Dorsey, the co-founder of Twitter, has forecasted that the price of Bitcoin (BTC) could potentially hit a minimum of $1 million by 2030, and may even escalate further after that. In a conversation with Mike Solana on Pirate Wires on May 9, Dorsey projected a positive future for Bitcoin's longevity in terms of value while offering additional insights on his sudden exit from the BlueSky board, a decentralized alternative version of Twitter he took part in launching in 2019. He expressed his opinion to Solana that Bitcoin could possibly achieve "a million at least" by 2030 and "exceed that number." Now the top executive at finance company Block, Dorsey pointed out that the actual price of Bitcoin is not its most attractive attribute. Instead, he emphasized the unified nature of the community and how it promotes joint initiatives to upgrade the network. Dorsey further added that Bitcoin's genuinely engaging aspect is not its founding narrative or the individuals investing time and resources to make it better, but rather its ability to contribute positivity to the entire ecosystem, driving the price upwards. Its intriguing nature as a movement and ecosystem discrepancies had impressed him, Dorsey revealed. Earlier this week, Dorsey stirred curiosity confirming his exit from the board of Bluesky which he initially envisioned as an open-source protocol that could serve as a foundation for Twitter and other social media platforms to build upon to mitigate censorship threats. He criticized Bluesky for repeating the same errors Twitter did, undermining its status as a genuinely decentralized protocol. Dorsey, who has since suspended his Bluesky account, acknowledged the alignment of Nostr, an anonymous open-source protocol without centralized control or a company, with his anti-censorship objectives. To his shareholders on May 2, he communicated his intention for Block to reinvest 10% of its gross profit from Bitcoin-related commodities in buying more BTC every month. On May 1, federal prosecutors alleged compliance infringements at Square and Cash App, Block's payment branches, provoking an investigation.
Published At
5/10/2024 7:05:44 AM
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