Jack Dorsey, a co-founder and former CEO of Twitter, recently made a bold prediction about the future price of Bitcoin (BTC), expecting a strong surge in the price of the largest cryptocurrency.
“At Least $1 Million” Forecast
In an interview with journalist Mike Solana on Pirate Wires, Dorsey expressed his optimism for the largest cryptocurrency, suggesting that Bitcoin’s price could skyrocket to at least $1 million by 2030.
This striking price prediction comes during a period of significant changes for Dorsey, including his departure from the board of the decentralized alternative BlueSky, which he co-founded in 2019. Concerns have been raised about the project moving away from true decentralization following Dorsey’s departure from BlueSky.
Emphasizing the importance of a collaborative ecosystem within Bitcoin, Dorsey highlighted the role of collective efforts in enhancing the network’s value. His views on the Bitcoin ecosystem reflect his disappointment with BlueSky’s deviation from its original vision of an open-source protocol.
Company Block Faces Regulatory Reviews
Despite focusing on Bitcoin’s exponential growth potential, Dorsey’s fintech company Block is facing regulatory scrutiny. It is known that Block had committed to investing 10% of its gross profit from Bitcoin-related products into buying more BTC each month, but reports of compliance violations in its payment divisions, including Square and Cash App, have cast a shadow over this optimistic plan.
The resilience of Bitcoin’s price in the face of regulatory uncertainties is noteworthy. Despite ongoing concerns about regulations in the cryptocurrency market, Bitcoin’s price has been consolidating between $61,000 and $64,000, and experts are focusing on a strong upward breakout following this consolidation.
As of the preparation of this article, Bitcoin has risen 2.52% in the last 24 hours, trading just above the $63,000 threshold at $63,012. Factors such as a weakening U.S. dollar and soft U.S. labor data have provided some support to Bitcoin’s price, but fears of more regulatory action against major crypto players are pressuring the market.
