Tech
Former Twitter CEO Jack Dorsey Says Bitcoin Will Hit $1 Million: Here’s When
Jack Dorseythe former CEO of X (formerly Twitter) predicted when Bitcoin will reach one million dollars. The tech entrepreneur is a familiar figure in the cryptocurrency industry and is known to be heavily invested in the flagship cryptocurrency.
When Bitcoin reaches $1 million
In a interview with Pirate Wires, Dorsey said BTC could reach $1 million in 2030 and beyond. In addition to predicting Bitcoin’s future trajectory, Dorsey took time to appreciate the Bitcoin ecosystem. He noted that beyond its history, “the most amazing thing about Bitcoin” is how those who work with it, earn from it, or invest in it help create the ecosystem, which in turn drives up the price of the commodity. Bitcoin.
Dorsey he further stated that Bitcoin is a “fascinating ecosystem and movement” and that he has learned a lot from it. According to him, the tech entrepreneur is undoubtedly one of those who contribute to the growth of the Bitcoin ecosystem. Dorsey and his digital payments company, Block, already hold over 8,000 BTC.
Even his company recently announced plans to start investing 10% of its monthly Bitcoin-related gross profits into purchasing more BTC. This investment plan could lead the company to invest up to $24 million in BTC in a year. It is also worth mentioning that Dorsey actively tried to build the Bitcoin ecosystem.
Era previously reported that the former Twitter CEO was planning to build a decentralized exchange (DEX) for Bitcoin. Most recently, Dorsey’s Block announced that they have completed a BTC mining system they have been working on since April 2023.
BTC could reach $1 million this year
The CEO of Jan3 and Bitcoiner Samson Mow shares a contrary opinion with Dorsey. He expected before now that Bitcoin could reach $1 million by the end of this year. Mow referenced the growing demand for Bitcoin as the reason he has this belief. The cryptocurrency founder suggested that this prediction would likely be achieved next year if it did not happen this year.
Crypto analyst PlanB he also believes that next year is a more feasible timeline for BTC to reach this price level. He stated that $1 million could be the market high for BTC in this bull run based on the Bitcoin stock-to-flow (STF) indicator, which suggested that $500,000 was the average price for BTC in this market cycle .
Other crypto analysts have provided more conservative price predictions for this bull run. CryptoQuant CEO Ki Young Ju recently predicted that BTC could reach $265,000. Meanwhile, Anthony Scaramucci, the founder of SkyBridge Capital, expected that BTC could peak at $170,000 this market cycle.
At the time of writing, Bitcoin is trading at around $60,800, down more than 3% in the past 24 hours, according to data from CoinMarketCap.
BTC price maintains support above $60,000 | Source: BTCUSD on Tradingview.com
Featured image from Bitcoin News, chart from Tradingview.com