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Dorsey’s bullish outlook for the long-term price action of Bitcoin borders on the collaborative nature of its ecosystem.
Twitter co-founder Jack Dorsey has issued a rather reaching Bitcoin (BTC) price prediction after claiming that the asset’s value should hit $1 million by the year 2030. He shared this in a Thursday interview with Pirate Wires’ Mike Solana, adding that there is every possibility that the price will grow even further from that point onward.
Dorsey’s bullish outlook for the long-term price action of Bitcoin borders on the collaborative nature of its ecosystem. According to him, even that is more interesting about Bitcoin than its price or its rich history. The head of the financial services firm Block explained how the ecosystem functions in a way that rewards collaboration, to ultimately improve the network for everyone involved. About Bitcoin and its ecosystem, Dorsey said partly:
“…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.”
Jack Dorsey’s BTC Prediction
Interestingly, Dorsey is now one of the very few people who have made such elaborate predictions about the coveted crypto asset. Ark Invest’s Cathie Wood has issued similar predictions in the past about Bitcoin hitting the $1 million mark by 2030. However, she got even more bullish in March, during an interview on the New Zealand Herald’s Markets with Madison online video show. In that interview, Wood said for the first time that a million-dollar-plus Bitcoin could happen before her past estimate of 2030.
It also appears that Dorsey’s views are borne out of personal conviction and not just for public records. Earlier this month, he shared, in a note to shareholders, that his fintech firm Block will pump 10% of its gross profit from Bitcoin-related products back into buying more BTC every month.
For Dorsey, $1 million is the least price achievable for BTC by 2030, and from there, it can only go upwards.
Departure from BlueSky
On May 6, reports filtered through that Dorsey was leaving the board of Bluesky, the decentralized social network he co-founded as an alternative to Twitter in 2019. However, he has now touched on the topic in this same interview, sharing what was the reason for his decision.
Dorsey claims that BlueSky was “literally repeating all the mistakes [Twitter] made”. In his opinion, the idea of true decentralization is lost in the protocol. Hence, it is just another app.
