Jack Dorsey Claims Bitcoin Will Reach $1 Million by 2030
Former Twitter CEO Jack Dorsey Seems Optimistic regarding Bitcoin. He projected that the flagship cryptocurrency has the potential to reach $1 million by 2030. He further stated that once Bitcoin after acquiring the $1 million mark, it is possible that the Bitcoin value can continue to grow further from that price point.
He was speaking with the journalist on Pirate Wires this week. During the interview, he talked about a bullish outlook about the long-term price of Bitcoin. He also commented on the matter of his sudden departure from the board of BlueSky.
It is a decentralized social media platform that he created and worked on while he was associated with Twitter. The project was launched as a decentralized alternative to Twitter in 2019.
Bitcoin to Reach $1 Million
Speaking with the reporters, he noted that Bitcoin price can reach $1 million around 2030. He further noted that it is possible that after the massive price valuation, the flagship cryptocurrency is likely to keep adding more value.
At present, Dorsey is serving as the head of financial services at Block Inc. He has stated that Bitcoin price is not the most important aspect of the blockchain network.
Top-Notch Features of Bitcoin
On the subject of Bitcoin, he spoke with media representatives claiming that the collaborative nature of the Bitcoin network and its incentive distribution mechanism has led to mainstream adoption of the platform.
He stated that not only the founding story of Bitcoin is very interesting but anyone who is working with the project, investors, and all other contributors who have put an effort into making it better have led to the price appreciation.
He further noted that the project taught him a lot of things and shared his enthusiasm about working on the fascinating ecosystem and dubbed it as a movement.
He took a critical view of the 6th May incident noting that his departure had already been confirmed as a board member of BlueSky. He further stated that he assisted the decentralized social media platform to operate as a Twitter alternative.
According to him, the decentralized social media network is repeating all the mishaps that Twitter did. He further noted that at present, the platform cannot be deemed as truly decentralized.
At the same time, he claimed that it was another application. He intended to launch BlueSky as an open-source program that allowed Twitter and other social media platforms to write new programs on it.
Major Issues with BlueSky
He shared his vision for BlueSky with the media and noted that in order to introduce the protocol as an open-source protocol, the application and protocol layers were kept separate in order to divert the interference of censorship attempts.
However, the firm eventually morphed into a traditional firm and started to incorporate moderation tools.
He stated that all the features of decentralization and everything that the founders of the platform were looking for in terms of open-source protocol changed. It was overtaken by Venture Capital firms and a board. He noted that these alterations were not in line with his vision and he did not want to offer assistance in building this project.
He further noted that he also deleted his BlueSky account and mentioned Nostr. It is an anonymous and open-source protocol that is not backed by a formal company or supervised by a centralized management.
He claimed that the new platform is more agreeable and matches the goals of retaining the anti-censorship forum. Dorsey issued a note addressed to shareholders on 2nd May.
The note informed the stakeholders that Block is poised to flip 10% of gross profits from Bitcoin-based products to buy more Bitcoin on a monthly basis. On 1st May, the news about federal agencies opening an investigation into Block became public. As per the reports, the prosecutors were looking into regulatory breaches in Block subsidiaries namely Square and Cash App.
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