Jack Dorsey, former CEO of twitter and a well-known figure in the technology and cryptocurrency sectors, recently shared his opinion that bitcoin could reach $1 million by 2030.
His prediction is part of a broader bullish outlook on the pioneering cryptocurrency, suggesting that its value could continue to rise even after reaching this milestone.
Dorsey's comments came during a detailed x.com/PirateWires/status/1788664137649983750″ target=”_blank”>discussion about the future of digital currencies and his own experiences in the industry.
Dorsey's vision: beyond the price of bitcoin
Dorsey's enthusiasm for bitcoin extends beyond its potential price appreciation. In the interview with Pirate Wires, he expressed his deep appreciation for the bitcoin ecosystem and noted that it has been an important source of learning for him.
According to Dorsey, the collaborative and open nature of the bitcoin community means that any individual's efforts to improve the network or positively interact with it can lead to broader benefits for all participants. This aspect of bitcoin, as well as its price potential, seems to captivate him.
Dorsey particularly noted:
The most amazing thing about bitcoin, aside from the story of its founding, is that anyone who works on it, gets paid, or buys it for themselves (everyone who strives to improve it) is improving the entire ecosystem. which causes the price to rise.
In the same conversation in which he discussed the future of bitcoin, Dorsey also mentioned his reasons for leaving BlueSky, the alternative social media platform he helped co-found after leaving twitter.
He criticized BlueSky for what he sees as a departure from the original vision of decentralization, noting that the platform has begun to mirror traditional corporate structures with its focus on venture capital and a formal board of directors.
This change, according to Dorsey, contradicts the spirit of “decentralization and open source protocols” that he intended to defend. Dorsey's criticism extends to the broader tech industry's approach to developing and managing digital platforms.
He believes BlueSky and others are repeating many of the mistakes made by twitter, particularly when it comes to governance and the balance between open protocols and corporate control.
Their views highlight a tension within the tech world between the push for innovative, user-driven platforms and the pull of traditional business models.
bitcoin Market Movements and Broader Predictions
While Dorsey has laid out a long-term vision of btc reaching $1 million, the crypto is currently trading above the $62,000 mark, showing a steady rise of 2.5% in the last 24 hours and 3.7% over the past week.
x/gD8fo2L2/” alt=”bitcoin (btc) Price Chart on TradingView” />
These moves are part of a broader trend in which several experts have presented optimistic forecasts about the trajectory of bitcoin's price.
For example, Fundstrat's Tom Lee has predicted that bitcoin could rise to $150,000 by the end of the year, citing the launch of several spot bitcoin ETFs as a key development that simplifies cryptocurrency investing for the general public.
Lee's bullish stance is supported by his belief that the current cryptocurrency bull cycle is far from over, despite recent price declines and inflation concerns.
To further support this optimistic outlook, research notes from Standard Chartered suggest that bitcoin could reach $150,000, while ethereum could hit $8,000 by the end of 2024. These projections reflect a growing consensus among financial analysts that leading assets digital have substantial room to grow.
Featured image from Unsplash, chart from TradingView
