Bitcoin Shows Highest 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 toward crypto. He has cofounded Block, Inc, (formerly known as Square) and has also served on the board of directors for Bluesky, a decentralized social media platform. In a recent interview, he discussed his views on Bitcoin going forward.

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Dorsey first discussed why he left 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 all the mistakes we made as a company," referring to his 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 about where the price of Bitcoin could be in 2030, Dorsey responded:

"I don’t know. Over… at least a million. I do think it hits that number and goes beyond. But I think the price is only interesting… 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."

Trending: Bitcoin has jumped another 45% already this year – how much would you need to get started today?

If Dorsey is correct, it would mark a price increase of over 1,400%. While this is not much when compared to the backdrop of Bitcoin's past price increases, it would result in a market capitalization of over $19.7 trillion, which is near the total market cap of the Nasdaq 100 index. While this is not entirely impossible, large-scale adoption would be a necessity for the price prediction to come true.

Dorsey is not the first well-known crypto enthusiast to offer up a $1 million price target by 2030. ARK Invest CEO raised her prediction from $1.5 million by 2030 to a staggering $3.8 million. So, Dorsey is not alone in his prediction, but not many investors would necessarily agree with him. 

Dorsey seemed to just simply throw a number out when asked, which could mean that he has not thought about it much or that he is not extremely firm in the prediction. He also goes on to mention that the "ecosystem and movement" are what interests him, which is what leads to price increases.

While Dorsey may not fully believe that Bitcoin will reach $1 million by 2030, it is still interesting to think about. Additionally, Dorsey's perspective as a developer provides a unique take on potential price appreciation. 

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