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Jack Dorsey Forecasts Bitcoin to Surpass $1 Million by 2030

May 10, 2024 at 01:10

Jack Dorsey, co-founder of Twitter, has projected that Bitcoin’s value will escalate to at least $1 million by 2030 and potentially exceed that threshold. In a recent interview with journalist Mike Solana on Pirate Wires, Dorsey shared his optimistic view on Bitcoin’s future growth and also discussed his recent departure from BlueSky, a decentralized platform he initiated in 2019.

During the May 9 interview, Dorsey, who currently leads financial services firm Block, expressed that while Bitcoin’s price trajectory is noteworthy, the real value lies in the cryptocurrency’s community-driven development. “The most incredible aspect of Bitcoin is how it benefits from the collective effort of everyone involved—whether they work on it, invest in it, or use it—enhancing the entire ecosystem and, in turn, increasing its value,” Dorsey explained.

Dorsey also made headlines on May 6 following the announcement of his resignation from the board of BlueSky. He critiqued the platform for not achieving the decentralization he had envisioned, suggesting that it was merely replicating Twitter’s errors. “BlueSky has become too much like a typical company, focusing on moderation tools and involving venture capital and a board, straying from the decentralized, open-source protocol we aimed for,” Dorsey remarked.

Instead, Dorsey voiced his support for Nostr, an anonymous and decentralized protocol, which he believes aligns better with his principles of reducing censorship risks.

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Further illustrating his commitment to digital currency, Dorsey informed shareholders on May 2 that his company Block would reinvest 10% of its gross profits from Bitcoin-related transactions into purchasing more Bitcoin each month.

This bullish stance on Bitcoin comes amid scrutiny of Dorsey’s company by U.S. federal prosecutors, who are investigating alleged compliance violations within Block’s payment services, Square and Cash App, reported on May 1.

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