Jack Dorsey Says Bitcoin Will Reach $1 Million by 2030; But how?

During an interview on Pirate Wires, Twitter co-founder Jack Dorsey expressed optimism about the long-term value of Bitcoin BTC. Dorsey believes The price of Bitcoin could rise to $1 million and beyond by 2030.

He also explained why he left his position on the board of directors of Bluesky, a decentralized alternative to Twitter launched in 2019.

Jack Dorsey Believes Bitcoin Has Millionaire Potential, Talks Bluesky and Others

During a interview Together with journalist Mike Solana, Jack Dorsey said that the value of Bitcoin will reach at least $1 million by 2030. He believes that Bitcoin has a solid foundation, and with continued improvements in the ecosystem, the asset could experience explosive rallies in the next years.

Currently, Dorsey heads the financial services company Block and finds the collaborative effort on Bitcoin amazing. He praised the way Bitcoin incentivizes collaborative efforts to boost the ecosystem and improve the network.

Commenting on his sudden exit from the board, the Twitter co-founder noted that Bluesky was repeating the mistakes made by Twitter. Initially, he believed that Bluesky would be an open source protocol that social media platforms could build on. However, Bluesky began to behave like a normal company, heavily moderating content.

Notably, Dorsey deleted his Bluesky account and migrated to the Nostr platform, an anonymous and open source protocol.

Dorsey’s interest in cryptocurrency investing is quite evident. In a shareholder letter On May 2, Dorsey said his fintech company, Block, plans to invest 10% of its gross profit from Bitcoin products to purchase BTC each month.

According to the letter, Block’s revenue in the first quarter was better than expected. Block reported revenue of $5.96 billion in the first quarter of 2024, beating the analytics platform’s estimate of $5.75 billion Zacks.

Furthermore, it is First quarter gross profits reached $2.09 billion, a 22% increase in the year-to-date report. Interestingly, Block held 8,038 BTC as of March 31, with reported earnings of $233 million.

Meanwhile, May 1st relationships revealed that US federal prosecutors were investigating Block. This investigation follows allegations of compliance violations against Block, Square and Cash App’s payment units.

Glassnode executives and others predict a bullish breakout for BTC

Dorsey isn’t the only one who is bullish on Bitcoin. Founders of the intelligence company Glassnode Jan Happel and Yana Alleman shared bold Bitcoin predictions on

According to senior executives, BTC appears poised for higher rallies. Executives highlighted the weekly time frame, pointing out that a reversal candle formed last week. They said this week’s retracement is likely a healthy correction before Bitcoin reaches even higher levels.

Also, pseudonymous cryptocurrency trader Mr Crypto confirmed the bullish sentiment for BTC. According to the trader, Bitcoin has posted a weekly bullish hammer candle, signaling an impending reversal.

Additionally, another analyst, Rekt Capital, noted an interesting pattern for Bitcoin. Over the past year and a half, long wicks lower at the end of a retracement signal a future price reversal. However, this pattern is often noticed when the retracement is above 20%.

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