Jack Dorsey Says Bitcoin's Price Will Hit At Least $1 Million By 2030

Jack Dorsey Says Bitcoin’s Price Will Hit At Least $1 Million By 2030

Updated: 10 May 2024

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Twitter co-founder Jack Dorsey says the Bitcoin price could soar to at least $1 million by 2030 and will likely continue climbing after that.

Dorsey’s bullish outlook for Bitcoin comes after he said on May 2 that his company Block will set aside 10% of the gross profits generated by its Bitcoin products towards purchasing BTC every month.

He called the decision “an investment in a future where economic empowerment is the norm.”

Jack Dorsey On ”Amazing” Bitcoin

“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,” he said in a May 9 interview with Pirate Wires.

Asked where the Bitcoin price would head after hitting $1 million, he said it likely ”goes beyond.”

Block held 8,038 BTC worth $573 million as of Mar. 31, according to the company’s latest earnings report.

Dorsey said previously that he’s devoting time and energy towards Bitcoin because of his belief that “the world needs an open protocol for money.”

“The internet will have a native currency; it’s just a matter of time,” he wrote. Until this happens, existing and emerging technologies will “operate in parallel,” Dorsey added.

block is DCA'ing bitcoin every month. here's how your company can do it too: https://t.co/xabpCVZdn8

— jack (@jack) May 2, 2024

Insights Into The Abrupt Departure From BlueSky

Dorsey also provided some insight into why he suddenly left the board of BlueSky, a decentralized alternative to Twitter, now X, that he helped launch in 2019. Part of the reason for his departure was that the company was “literally repeating all the mistakes [Twitter] made,” he said.

Originally, he envisioned the company as an open-source protocol that could serve as a foundation for Twitter and other social media platforms. Bluesky was also meant to separate the protocol layer from the application layer, with the aim of reducing censorship risk.

This ended up not being the case, and Bluesky just became “another app,” Dorsey added. It started acting like a more traditional entity as well.

“Everything we wanted around decentralization, everything we wanted in terms of an open-source protocol, suddenly became a company with VCs and a board,” he said.