Jack Dorsey Forecasts Bitcoin Surpassing $1 Million by 2030

During a conversation with Pirate Wires, Jack Dorsey, the CEO of Block Inc., shared his prediction regarding Bitcoin's future, foreseeing its worth exceeding $1 million by 2030. This ambitious statement extends beyond mere price speculation, as Dorsey expresses his fascination with the dynamic ecosystem driving Bitcoin's expansion.

What Makes Jack Dorsey Bullish on Bitcoin?

Jack Dorsey, co-founder of Twitter and a staunch advocate of Bitcoin, reaffirmed his bullish stance on the cryptocurrency during an interview with Pirate Wires. Dorsey boldly predicted that Bitcoin would reach $1 million by 2030, responding with a chuckle when asked about the future price, stating, "I don't know. Over... at least a million." He confidently expressed his belief that Bitcoin would not only meet but exceed this milestone.

Describing Bitcoin as "a captivating ecosystem and movement," Dorsey emphasized that everyone contributing to Bitcoin—whether through work, receiving payments in Bitcoin, or personal investments—plays a role in enhancing the ecosystem and consequently driving the price upwards.

Jack Dorsey's company, Block, reflects his optimism through smart financial decisions. On May 2, the company announced its adoption of a strategy called dollar-cost averaging (DCA) for monthly Bitcoin purchases.

This method involves making consistent investments in Bitcoin every month regardless of price fluctuations, aiming to smooth out the ups and downs and achieve a better average cost over time. Dorsey is deeply committed to advancing the Bitcoin ecosystem, with his payments company Block investing in the cryptocurrency and developing products like Bitcoin wallets and ASIC mining chips. Just last month, Square, Dorsey's retail payment platform, introduced a feature allowing businesses to convert some of their daily sales into Bitcoin.

However, Block has reportedly drawn the attention of U.S. prosecutors. According to an NBC News report citing sources, federal prosecutors are investigating "alleged widespread and yearslong compliance lapses" at the firm, including concerns about handling cryptocurrency transactions from terrorist groups.

How has the Bitcoin Price Moved Recently?

As of today, Bitcoin is priced at $63,192, with a 24-hour trading volume of $90.05 billion. Its market capitalization stands at $1.24 trillion, and it maintains a market dominance of 52.88%. Over the last 24 hours, the price of BTC has increased by 3.31%.

Bitcoin achieved its peak price on March 14, 2024, reaching an all-time high of $73,628. Conversely, its lowest price was recorded on July 17, 2010, at an all-time low of $0.050000. The most recent low since its all-time high was $56,721 (cycle low), while the highest BTC price since the last cycle low was $65,425 (cycle high). Currently, the sentiment around Bitcoin price prediction is bullish, as indicated by a Fear & Greed Index of 66 (Greed).

The circulating supply of Bitcoin is currently 19.70 million BTC out of a maximum supply of 21.00 million BTC. The yearly supply inflation rate is 1.71%, resulting in the creation of 331,849 BTC over the last year.