News
Bitcoin Shows Highest Daily Gains in 2 Months, Jack Dorsey Says Price Will Cross $1 Million
Bitcoin Shows Highest Daily Gains in 2 Months, Jack Dorsey Says Price Will Cross $1 Million
Known for leading X (formerly known as Twitter) between 2015 and 2021, Dorsey has since shifted his focus towards cryptocurrencies. He co-founded Block, Inc, (formerly known as Square) and also served on the board of directors of Bluesky, a decentralized social media platform. In a recent interview, he discussed his thoughts on the future of Bitcoin.
Not to be missed:
Dorsey first discussed why he left Bluesky’s board and even deleted his profile on the platform, explaining that the “moderation tools” used by the company made Dorsey realize that “this is literally repeating all the mistakes we have made as a company,” referring to his time with Twitter.
“Everything we wanted in terms of decentralization, everything we wanted in terms of an open source protocol, suddenly became a company with VCs and a board of directors. That’s not what I wanted, that’s not what I intended to help create,” he said.
Dorsey then began discussing more Bitcoin-specific topics. When asked what the price of Bitcoin might be in 2030, Dorsey responded:
“I don’t know. Over… at least a million. I think it hits that figure and goes beyond that. But I think the price is just interesting… The most amazing thing about Bitcoin, other than the founding story, anyone who works on it , or get paid, or buy it for themselves – anyone who makes any effort to improve it – is improving the entire ecosystem, which drives the price up. It’s a fascinating ecosystem, and the movement, more than anything, has taught me Very.”
Trends: Bitcoin has jumped another 45% already this year – How much would you need to get started today?
If Dorsey is right, it would mark a price increase of more than 1,400%. While this is not much when compared to the context of Bitcoin’s past price increases, it would translate to a market capitalization of over $19.7 trillion, which is close to the total market capitalization of the Nasdaq 100 index. Although this is not completely impossible, large-scale adoption would be a necessity for price prediction to become reality.
Dorsey isn’t the first well-known cryptocurrency enthusiast to offer a price target of $1 million by 2030. The CEO of ARK Invest raised his prediction from $1.5 million by 2030 to a staggering $3.8 million. So, Dorsey isn’t alone in predicting him, but not many investors would necessarily agree with him.
The story continues
Dorsey seemed to simply throw out a number when asked, which could mean he hasn’t given it much thought or isn’t extremely firm in his prediction. He then adds that what interests him are “the ecosystem and the movement”, which is what leads to the increase in prices.
While Dorsey may not fully believe that Bitcoin will reach $1 million by 2030, it’s still interesting to think about. Additionally, Dorsey’s perspective as a developer provides unique insight into potential price appreciation.
Read next:
Cryptographic digital assets
“THE SECRET WEAPON OF ACTIVE INVESTORS” Power up your stock market game with the #1 trading tool. 1 “news and everything else”: Benzinga Pro – Click here to start your 14 day trial now!
Get the latest stock analysis from Benzinga?
This article Bitcoin Shows Highest Daily Gains in 2 Months, Jack Dorsey Says Price Will Cross $1 Million originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.