Twitter co-founder Jack Dorsey says the price of Bitcoin (BTC) could reach a price of at least $1 million by the year 2030, adding that its value could grow even further from that point onwards.
Speaking in a May 9 interview with journalist Mike Solana on Pirate Wires, Dorsey offered a bullish outlook for the long-term price action of Bitcoin as well as providing further context behind his abrupt departure from the board of BlueSky — a decentralized Twitter alternative he helped launch in 2019.
Dorsey told Solana he believes Bitcoin's price could reach “at least a million” by 2030 adding that that it most likely “hits that number and goes beyond.”
Dorsey — now the head of the financial services firm Block — noted that Bitcoin’s price isn’t actually the most interesting aspect of Bitcoin, and instead pointed to the collaborative nature of the ecosystem and the way it incentivizes collective efforts to enhance the network.
“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,” he said before adding, “It taught me a lot.”
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Dorsey raised eyebrows earlier this week when it was confirmed he would be departing the board of Bluesky, a decentralized social network he helped start as an alternative to Twitter.
He said that Bluesky was “literally repeating all the mistakes [Twitter] made,” adding that it is not a protocol that could be deemed truly decentralized. “It’s another app,” he said.
Dorsey originally envisioned Bluesky as an open-source protocol that Twitter and other social media platforms could build on top of, separating the protocol layer from the application layer to reduce censorship risks.
However, he said the firm started behaving more like a traditional company that began pushing for moderation tools.
“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.”
Dorsey, who has since deleted his Bluesky account, said the platform with Nostr, an anonymous, open protocol with no company or centralized control, aligned more with his goals of censorship resistance.
In a note to shareholders on May 2, Dorsey said that his fintech firm Block will flip 10% of its gross profit from Bitcoin-related products back into buying more BTC every month.
On May 1, it was reported that US federal prosecutors were probing Block after documents alleged compliance violations at the firm’s payment divisions, Square and Cash App.
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