Dorsey, best known for leading X (formerly Twitter) from 2015 to 2021, has since shifted his focus to cryptocurrencies. He co-founded his Block, Inc. (formerly known as Square), a decentralized social media platform, and he also served on the board of Bluesky. In a recent interview, he shared his views on the future of Bitcoin.
Do not miss it:
Dorsey first spoke about why he resigned from Bluesky's board of directors and even deleted his profile on the platform, saying that the “moderation tools” the company employed caused Dorsey to say, “This is literally what we did as a company. He explained that he realized that he was repeating all the mistakes. Time with Twitter.
“Everything we wanted in terms of decentralization, everything we wanted in terms of open source protocols, suddenly turned into a company with a VC and a board of directors. That's not what I wanted and It's not something I was going to help create, either,” he said.
Mr. Dorsey then began talking about topics specific to Bitcoin. When asked about the price of Bitcoin in 2030, Dorsey replied:
“I don't know. More than that…at least a million. I think we've certainly reached that number and exceeded it. But I think the only thing that's interesting is the price…Aside from the founding story, Bitcoin's The most amazing thing is that everyone who is working on it, who is getting paid for it, who is buying it themselves, in other words, who is making the effort to improve it, is improving the entire ecosystem. It's an attractive ecosystem, and that's what drives the price up. It's more about movement than anything else.
Trend: Bitcoin is already up another 45% this year – How much do I need to get started today?
If Mr. Dorsey is correct, prices would rise more than 1,400%. This is nothing compared to the background of Bitcoin's past price rises, but it does give it a market capitalization of over $19.7 trillion, close to the market capitalization of the Nasdaq 100 index. This is not completely impossible, but would require large-scale implementation to make price prediction a reality.
Dorsey is not the first prominent crypto enthusiast to offer a price target of $1 million by 2030. ARK Invest CEO raised her forecast from $1.5 million to a staggering $3.8 million by 2030. So while Dorsey is not alone in his predictions, not many investors necessarily agree with him.
Dorsey seems to just spit out numbers when asked, which could mean he hasn't thought much about it or that his predictions aren't as solid. He also says he's interested in “ecosystems and migration,” which leads to higher prices.
Dorsey may not fully believe Bitcoin will reach $1 million by 2030, but it's still interesting to think about. Additionally, Dorsey's perspective as a developer provides his unique perspective on potential price increases.
Read next:
“The Active Investor's Secret Weapon'' Step up your stock market game with the #1 News & Everything else trading tool: Benzinga Pro – Click here to start your 14-day trial now!
Want the latest stock analysis from Benzinga?
The article states that Bitcoin will show its highest daily gain in two months and Jack Dorsey will see the price exceed $1 million.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
