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By Brenda Ngari - May 10, 2024
Twitter co-founder Jack Dorsey believes that Bitcoin (BTC), the industry’s largest and oldest cryptocurrency, is on track to hit a massive $1 million within six years. Dorsey believes the BTC price will explode to seven figures and beyond by 2030.
Bitcoin’s recent recovery from sub-$57K lows comes amidst renewed belief in higher price levels to come in the long term.
Speaking during a May 9 interview with journalist Mike Solana on Pirate Wires, Jack Dorsey said he sees Bitcoin gaining over 100x from its current price. When asked whether the Bitcoin price would reach $1 million in 2030, Dorsey chuckled, “I don’t know. Over… at least a million.” He added, “I do think it hits that number and goes beyond.”
Bullish BTC price arguments focus on the cathartic effect of both April’s miner rewards halving and the successful spot Bitcoin exchange-traded funds (ETFs). While the halving lowers the emission of new BTC, the ETFs are already putting more pressure on the available supply.
For Dorsey, however, the collaborative nature of the ecosystem and the way it incentivizes collaborative efforts to improve the network is impressive. He called Bitcoin “a fascinating ecosystem and movement,” adding that “the most amazing thing about Bitcoin, apart from the founding story, is anyone who works on it, or gets paid in it, or buys it for themselves — everyone who puts any effort in to make it better — is making the entire ecosystem better, which makes the price go up.”
Dorsey, now the head of the financial services firm Block, is well known for his years-long contributions to the Bitcoin sphere, with his payments firm Block making a substantial investment in the flagship cryptocurrency and creating products including Bitcoin wallets and a global BTC mining system. Having purchased Bitcoin in October 2020 and early 2021, Block now holds 8,027 BTC — worth roughly $4.9 billion at today’s prices.
In a letter to shareholders on May 2, Dorsey revealed that his fintech conglomerate Block will flip 10% of its monthly Bitcoin-related gross profit into buying more BTC, with plans to do this each month for the remainder of 2024.
However, Block has found itself in the crosshairs of U.S. prosecutors. A May 1 NBC News report claims that federal prosecutors are probing the firm after a whistleblower submitted documents alleging “widespread and years long compliance lapses” at the company’s payment arms, Square and Cash App.
The documents presented to prosecutors from the Southern District of New York by the ex-Block employee reportedly show that Square and Cash App processed thousands of transactions for customers in sanctioned countries like Russia, Cuba, and Venezuela.
DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.
The original article written by Brenda Ngari and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe
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