Jack Dorsey Predicts Bitcoin to Exceed $1 Million by 2030

6 months ago 2

ARTICLE AD BOX

In an interview with Pirate Wires, Jack Dorsey, CEO of Block Inc., unveiled his forecast for Bitcoin, envisioning its value surpassing $1 million by 2030.

This bold assertion isn’t merely focused on the cryptocurrency’s price. Dorsey is captivated by the vibrant ecosystem that propels its growth.

Why Jack Dorsey is Bullish on Bitcoin

Dorsey believes that Bitcoin will eventually hit $1 million and go beyond. However, for him, the most amazing thing about Bitcoin is beyond its price.

“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. It’s a fascinating ecosystem and movement, more than anything else. It taught me a lot,” Dorsey said.

His company, Block, mirrors his optimism through strategic financial maneuvers. On May 2, the firm announced its plan to adopt the dollar-cost averaging (DCA) strategy for monthly Bitcoin purchases.

This method, which involves consistent investments in Bitcoin regardless of price swings, aims to lessen the volatility’s sting and achieve a more favorable average cost over time.

Starting in April 2024, Block will allocate 10% of its gross profits from Bitcoin-related products to these acquisitions. The company specified that it plans to purchase Bitcoin monthly over a two-hour window, which has historically had the greatest amount of liquidity.

By the end of March 2024, Block’s initial $233 million investment in Bitcoin swelled to approximately $573 million, reflecting a 146% increase. This surge significantly bolstered the company’s net income in the first quarter of 2024, underlining the potential long-term gains from Bitcoin investments.

Meanwhile, Pantera Capital also projects a bright future for Bitcoin, albeit with more modest expectations than Dorsey’s. By August 2025, Pantera forecasts a price of $117,000 per Bitcoin. It attributes this anticipated growth to the significant bull rally that typically follows each halving event, despite a recent correction to $57,000 after the 2024 halving.

Moreover, the market faces obstacles that need addressing. Pantera Capital talked about resistance near the $63,000 level. As of writing, Bitcoin is trading at almost $63,000.