Twitter's Jack Dorsey predicts Bitcoin will reach $1 million by 2030, which is a significant increase from its current price.
Dorsey believes Bitcoin's strength lies in its community, including miners, users, and traders
Moreover, Block, Dorsey's financial firm, is reinvesting 10% of its profits in Bitcoin, similar to MicroStrategy.
From a realistic perspective, Bitcoin still has to go through a bear market between 2025/2026, and then the 2028 halving/bull market before 2023.
This puts the $1 million target into question
Jack Dorsey, the founder of Twitter has been active in the crypto community for years now, mostly commenting on Bitcoin.
Very recently, Dorsey made a bold prediction on the pioneering cryptocurrency, which interestingly, is an echo of several other predictions made by industry leaders like Cathie Wood and Robert Kiyosaki among others.
Dorsey believes that Bitcoin’s value can soar to at least $1 million by 2030, which is a little more than five years from the time of writing.
Considering how Bitcoin currently trades underneath the $70,000 zone, this figure seems outrageous.
However, we should see Dorsey’s rationale for such a bold prediction, and how Bitcoin is expected to make it from $65,000 to $1,000,000 in five years.
Dorsey made this prediction during an interview with journalist, Mike Solana.
Keep in mind that at the time of writing, Bitcoin is trading hands at around $62,800.
Dorsey believes that Bitcoin’s strength comes from the community. He noted that the combined efforts of everyone including the miners, users and traders to enhance the network, are what makes Bitcoin remarkable.
Dorsey opined that the contributors to Bitcoin whether it be through building, work (Proof of Work or mining), investment or trading are the reason the entire ecosystem continues to improve and its price continues to soar.
According to Jack, Bitcoin is a lot more than some alternative form of money. Dorsey believes that it is a movement in which a sense of community and shared purpose thrives.
He also notes that his outlook on Bitcoin was forged from his experiences and the lessons he has had to learn from being part of the Bitcoin community.
Dorsey's belief in the power of decentralization was the driving force behind his establishment of Bluesky, a Web3 alternative to Twitter.
However, on 6 May, the former Twitter CEO had to resign from Bluesky’s board, for abandoning the core principles of decentralization and becoming more like the average company with venture capitalists and a centralized board of directors.
After departing from Bluesky, Doesey embraced Nostr, which has a lot more centralization than Bluesky.
Still on the Bitcoin topic, recall that Dorsey’s financial services firm, called Block, also made a major announcement in the Bitcoin space on May 2 last week.
The former Twitter CEO informed the press and shareholders that Block would be reinvesting about 10% of its gross profits in Bitcoin every month, following in the footsteps of Michael Saylor and MicroStrategy.
Overall, Dorsey’s outlook on Bitcoin follows that of Cathie Wood who predicted something similar in an interview with Altcoin Daily, as well as Robert Kiyosaki who predicted something similar in an X post from late last year.
Overall from a realistic perspective, there isn’t much to be said yet, about Bitcoin’s ability to hit the $1 mark in 2030.
This is considering how Bitcoin still has to go through another bear market between 2025 and 2026, and then the 2028 halving/bull market.
The journey ahead may not be smooth, but it is sure to be an interesting one to watch.
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