Twitter co-founder: BTC price will reach at least $1 million in 2030

Author: Martin Young, CoinTelegraph; Compiler: Wuzhu, Golden Finance

Twitter co-founder Jack Dorsey said that the price of Bitcoin could reach at least $1 million by 2030, adding that its value could grow further from then.

Dorsey spoke optimistically about Bitcoin’s long-term price trend in an interview with journalist Mike Solana on Pirate Wires on May 9, providing more context for his abrupt exit from the board of BlueSky — a decentralized Twitter alternative he helped create — which launched in 2019.

Dorsey noted that he believes the price of Bitcoin could reach “at least $1 million” by 2030, adding that it is likely to “reach and exceed that number.”

Dorsey, who currently heads financial services firm Block, noted that bitcoin’s price isn’t actually the most interesting aspect of bitcoin, but rather points to the collaborative nature of the ecosystem and the way it incentivizes collective efforts to strengthen the network.

“Apart from the founders’ story, the most amazing thing about Bitcoin is that anyone who works on it, or gets paid from it, or buys it for themselves — everyone who’s working to make it better — is making the whole ecosystem better, and that makes the price go up.”

“It’s a fascinating ecosystem and story, more than anything else,” he added, “and it’s taught me a lot.”

Source: Mike Solana

Dorsey raised eyebrows earlier this week when it was confirmed that he would be leaving the Bluesky board. Bluesky is a decentralized social network he helped create as an alternative to Twitter.

He said Bluesky is "literally repeating all the mistakes that [Twitter] made," adding that it's not a protocol that can be considered truly decentralized. "It's another application," 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 the risk of censorship.

However, he said the company behaved more like a traditional company that started pushing for moderation tools.

"Everything we wanted about decentralization, everything we wanted about an open-source protocol, suddenly became a company with venture capital and a board of directors. That's not what I want and what I want to help create."

Dorsey later deleted his Bluesky account, saying the Nostr platform, an anonymous, open protocol without a company or centralized control, was more in line with his goals of resisting censorship.

On May 2, Dorsey said in a report to shareholders that his financial technology company Block will use 10% of the gross profit of Bitcoin-related products to buy more Bitcoin each month.

On May 1, it was reported that US federal prosecutors were investigating Block because documents alleged that the company's payment divisions Square and Cash App had violated regulations.