Bitcoin
Bitcoin Shows Biggest Daily Gains in 2 Months, Jack Dorsey Says Price Will Surpass $1 Million
Bitcoin Shows Biggest Daily Gains in 2 Months, Jack Dorsey Says Price Will Surpass $1 Million
Known for leading X (formerly known as Twitter) between 2015 and 2021, Dorsey has since shifted his focus to cryptography. 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 opinion on the future of Bitcoin.
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Dorsey first discussed why he stepped down from Bluesky’s board and even deleted his profile on the platform, explaining that the “moderation tools” employed by the company made Dorsey realize that “this is literally repeating every mistake we’ve made as a company,” referring to to your time with Twitter.
“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,” he said.
Dorsey then began discussing more Bitcoin-specific topics. When asked where the price of Bitcoin could be in 2030, Dorsey responded:
“I don’t know. More than… at least a million. I think it reaches that number and beyond. But I think the price is just interesting… The most incredible thing about Bitcoin, besides the founding story, is any person who works on it, or gets paid for it, or buys it for themselves – everyone who strives to make it better – is improving the entire ecosystem, which makes the price move up, more than anything else. It taught me a lot.”
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If Dorsey is correct, this would represent a price increase of more than 1,400%. While this isn’t much compared to Bitcoin’s previous price surge scenario, it would result in a market capitalization of over $19.7 trillion, which is close to the total market cap of the Nasdaq 100 index. is completely impossible, large-scale adoption would be a necessity for the price prediction to come to fruition.
Dorsey is not the first well-known crypto enthusiast to offer a price target of $1 million by 2030. The CEO of ARK Invest raised her forecast of $1.5 million by 2030 to an impressive figure. US$3.8 million. So Dorsey isn’t alone in his prediction, but few investors would necessarily agree with him.
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Dorsey seemed to simply throw out a number when asked, which could mean he hasn’t thought it through much or that he isn’t extremely firm on the prediction. He also mentions that the “ecosystem and movement” is what interests him, which is what leads to rising 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 offers unique insight into potential price appreciation.
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This article Bitcoin Shows Biggest Daily Gains in 2 Months, Jack Dorsey Says Price Will Surpass $1 Million originally appeared in Benzinga.com
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