Jack Dorsey Predicts Bitcoin Price Surpassing $1 Million by 2030

Jack Dorsey Predicts Bitcoin Price Surpassing $1 Million by 2030

Jack Dorsey, the co-founder of Twitter, has been a vocal advocate for Bitcoin for quite some time. He’s often seen wearing Satoshi shirts, contributes to Bitcoin Core developers, and speaks highly of the cryptocurrency’s benefits.

In a recent interview with Pirate Wires, Jack Dorsey, the CEO of Block Inc., shared his bold prediction for Bitcoin, foreseeing its value exceeding $1 million by 2030. While this forecast grabs attention, Dorsey’s focus extends beyond Bitcoin’s price, highlighting the vibrant ecosystem that drives its growth.

Dorsey’s optimism about Bitcoin transcends its potential price appreciation. He sees Bitcoin as more than just a financial asset; it’s a movement that improves with each participant’s contribution. Dorsey emphasized, “The most amazing thing about Bitcoin…is anyone who works on it, or gets paid in it…is making the entire ecosystem better, which makes the price go up.”

His perspective underscores the profound impact individuals and businesses can have on Bitcoin’s ecosystem, beyond mere speculation on its price.

Block’s Strategy: Dollar-Cost Averaging for Bitcoin

Dorsey has been actively bolstering the Bitcoin ecosystem through his company, Block. Their efforts include investing in Bitcoin and developing products like Bitcoin wallets and ASIC mining chips. Recently, Square, a retail payment product under Dorsey’s purview, announced its intention to enable stores to convert a portion of their daily sales into Bitcoin.

Block Inc., mirroring Dorsey’s bullish sentiment, announced its adoption of the dollar-cost averaging (DCA) strategy for monthly Bitcoin purchases. Starting in April 2024, the company allocated 10% of its gross profits from Bitcoin-related products to these acquisitions. This approach aims to mitigate volatility by consistently investing in Bitcoin, regardless of price fluctuations, to achieve a more favorable average cost over time.

Block’s initial $233 million investment in Bitcoin surged to approximately $573 million by the end of March 2024, marking a remarkable 146% increase. This substantial growth significantly boosted the company’s net income in the first quarter of 2024, highlighting the potential long-term gains from strategic Bitcoin investments.

While Dorsey and Block remain optimistic about Bitcoin’s future, Pantera Capital, another prominent player in the crypto space, projects a more modest growth trajectory. Pantera forecasts a Bitcoin price of $117,000 per Bitcoin by August 2025, attributing this potential increase to the historical bull rallies following each halving event. However, the market currently faces resistance near the $63,000 level, indicating potential challenges ahead.

Experts Bullish on BTC’s Potential

As reported on May 7th, Tom Lee, co-founder of Fundstrat Global Advisors, has shared a bullish prediction for Bitcoin. He anticipates the cryptocurrency’s price to surge to $150,000 by the end of 2024.

Lee’s optimistic stance agrees with Geoff Kendrick, an analyst at Standard Chartered, and analysts at Bernstein. They believe the recent unwinding of leveraged positions has created a more favorable environment for the cryptocurrency market, setting the stage for a potential upward trend. Standard Chartered and Bernstein have both forecasted a bullish trajectory for Bitcoin, predicting that it could reach $150,000 by the close of 2024.

Risa Skyes
Skyes is a Senior Editor at CoinJot with a remarkable passion for Blockchain, Crypto, Metaverse, NFTs, and All things Web 3.0. Risa.Skyes [at] coinjot.com