Why Jack Dorsey sees Bitcoin surging past $1m by 2030
Jack Dorsey, co-founder of fintech conglomerate Block and social media giant X, says the total value of all Bitcoin will be worth north of $20 trillion by the end of the decade.
That’s according to an interview he did with Mike Solana, founder of media company Pirate Wires.
“At least a million,” Dorsey said when asked for a Bitcoin price prediction by 2030, saying it will likely go beyond that number.
He attributed the surge to how the community is constantly evolving and investing in Bitcoin, making “the entire ecosystem better.”
There will be over 20 million Bitcoins in circulation over the next six years.
Multiply that with one million and you get the $20 trillion market value — a 1,500% increase.
Dorsey’s prediction highlights bullish sentiment in the crypto industry, where analysts have estimated that the digital asset will climb about 60% to $100,000 as early as September. Others have suggested that
In January, Ark Invest’s CEO Cathie Wood told CNBC that the launch of 10 US spot Bitcoin exchange-traded funds will drive the price to $1.5 million by 2030.
The estimates come as financial giants like BlackRock, JPMorgan, and Goldman Sachs are muscling into the space by either launching new services, investing in digital assets, or launching tokenisation projects built on blockchains.
At the same time it has become a political issue. Joe Biden and Donald Trump have planted themselves on different ends of the crypto divide ahead of the November election.
Long-time fan
Dorsey is a long-time crypto fan — spotted at sports events wearing Satoshi shirts, a nod to Bitcoin’s mysterious creator. He’s even said that Bitcoin can help create world peace.
Dorsey’s Block started to invest in Bitcoin in 2020 when it bought $200 million worth of the cryptocurrency.
That investment has paid off: Block’s Bitcoin holdings had surged 160% to more than $573 million in Bitcoin by the end of the last quarter, according to its latest shareholder letter.
Block has also announced a new monthly strategy of using 10% of its gross profit from various Bitcoin products and services to buy even more Bitcoin.
Eric Johansson is DL News’ News Editor. Got a tip? Email at [email protected].
