Tech entrepreneur Jack Dorsey, who co-founded Twitter, now known as X, and Block Inc. SQ, has been a vocal supporter of decentralization and frequently expresses bullish views around Bitcoin BTC/USD, arguably the world's most recognized decentralized entity.
What Happened: In a panel discussion from July 2021, which also featured Tesla CEO Elon Musk and Ark Invest CEO Cathie Wood, Dorsey heaped praise on the underlying fundamentals of Bitcoin.
He said that apex cryptocurrency has the potential to become the internet's native currency because of its principles, creation story, and resilience. The tech czar said that Bitcoin addresses the global remittance problem by removing intermediaries, the slowness of the existing systems, thus making the world more interconnected.
When Dorsey made these bullish remarks, Bitcoin was priced at $32,000. So, if you allocated $1000 from your investment portfolio, it would have fetched you 0.032 BTC.
Three years later, in 2024, the price of one Bitcoin has surged to $66,000. This means that your 0.032 BTC will be worth $2,112 today, more than doubling in value.
See Also: Peter Schiff Polls HODLers, Asks If They’ll Sell If Bitcoin Slips Below $15K – Here’s How They Responded
Why It Matters: Dorsey, formerly known for leading Twitter, has shifted his focus to Bitcoin. He co-founded Block (formerly known as Square) and has also served on the board of directors for Bluesky, a decentralized social media platform.
In an interview earlier this year, Dorsey expected Bitcoin to hit "at least" a million by 2030.
Dorsey's Block has also pushed into the Bitcoin mining landscape, selling its flagship 3 nanometer (3nm) mining ASICs to leading miner Core Scientific.
Price Action: At the time of writing, Bitcoin was trading at $65.994, following a drop of 2.32% in the last 24 hours, according to data from Benzinga Pro. Shares of Block ended Tuesday's regular session 1.5% down at $67.23.
Photo by Frederic Legrand – COMEO on Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
