Ex-Twitter CEO Jack Dorsey Says Bitcoin Will Reach $1 Million, Here’s When

2024-5-12 19:00

Jack Dorsey, the former CEO of X (formerly Twitter) has predicted when Bitcoin will reach $1 million. The tech entrepreneur is a familiar figure in the crypto space and is known to be heavily invested in the flagship crypto. 

When Bitcoin Will Hit $1 Million

In an interview with Pirate Wires, Dorsey mentioned that BTC could hit $1 million in 2030 and beyond. In addition to predicting Bitcoin’s future trajectory, Dorsey took time to appreciate the Bitcoin ecosystem. He remarked that besides its history, “the most amazing thing about Bitcoin” is how those who work on it, earn from it or invest in it all contribute to making the ecosystem, which in turn causes Bitcoin’s price to go up. 

Dorsey further claimed that Bitcoin is a “fascinating ecosystem and movement” and that he has learned a lot from it. Based on his assertion, the tech entrepreneur is undoubtedly one of those contributing to the growth of the Bitcoin ecosystem. Dorsey and his digital payments company, Block, already hold over 8,000 BTC. 

His company also recently announced plans to begin investing 10% of its monthly Bitcoin-related gross profits in buying more BTC. This investment plan could lead to the company investing as much as $24 million in BTC one year from now. It is also worth mentioning that Dorsey has been actively looking to build in the Bitcoin ecosystem. 

It was previously reported that the former Twitter CEO was planning on building a decentralized exchange (DEX) for Bitcoin. More recently, Dorsey’s Block announced that they had completed a BTC mining system they had been working on since April 2023. 

BTC Hitting $1 Million Could Be This Year 

The CEO of Jan3 and Bitcoiner Samson Mow shares a contrary opinion with Dorsey. He predicted before now that Bitcoin could reach $1 million before the end of this year. Mow alluded to the increasing demand for Bitcoin as why he holds such a belief. The crypto founder suggested that this prediction would likely be attained next year if it didn’t happen this year.

Crypto analyst PlanB also believes that next year is a more feasible timeline for BTC to reach this price level. He stated that $1 million could be the market top for BTC in this bull run based on the Bitcoin stock-to-flow (STF) indicator, which hinted at $500,000 being the average price for BTC in this market cycle. 

Other crypto analysts have given more conservative price predictions for this bull run. CryptoQuant’s CEO Ki Young Ju recently predicted that BTC could hit $265,000. Meanwhile, Anthony Scaramucci, the founder of SkyBridge Capital, predicted that BTC could peak at $170,000 in this market cycle. 

At the time of writing, Bitcoin is trading at around $60,800, down over 3% in the last 24 hours, according to data from CoinMarketCap.

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