2024-5-10 12:14 |
Twitter co-founder Jack Dorsey has projected that Bitcoin’s value could soar to at least $1 million by the year 2030.
In a recent interview with journalist Mike Solana on Pirate Wires, Dorsey shared his bullish outlook for the cryptocurrency, suggesting that it might even surpass this milestone within the next decade.
This statement comes as Dorsey steps away from the board of BlueSky, a decentralized Twitter alternative he helped establish in 2019, where he has voiced concerns about its drift from true decentralization.
Why is Dorsey bullish?Dorsey emphasized not only Bitcoin’s potential for exponential growth in value but also the significance of the collaborative efforts behind the cryptocurrency.
He noted that the work individuals put into enhancing the network could substantially increase its value.
This perspective on Bitcoin’s ecosystem is particularly poignant as Dorsey navigates his exit from BlueSky, which he believes is moving towards a more centralized framework, contrary to its original vision of being an open-source protocol.
Investment and regulatory scrutiny at BlockAlongside his optimistic view on Bitcoin, Dorsey announced that Block, formerly known as Square, plans to invest 10% of its gross profit from Bitcoin-related products back into buying more BTC each month.
However, this commitment comes at a time when Block faces scrutiny from U.S. federal prosecutors investigating potential compliance violations within its payment divisions, Square and Cash App.
Bitcoin’s price stability amid market fluctuationsDespite the regulatory uncertainties surrounding the crypto market, Bitcoin’s price has remained stable over the last 24 hours, holding at $62,745.3.
The weakening U.S. dollar and soft labor data have provided some support to the cryptocurrency’s value.
Nonetheless, ongoing fears of further actions by the Securities and Exchange Commission (SEC) against major crypto players and the shutdown of a privacy coin trading platform have heightened investors’ caution.
The post Jack Dorsey predicts Bitcoin will reach $1 million by 2030 amid regulatory challenges appeared first on Invezz
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