Summarize this content to 2000 words in 6 paragraphs
Tech leader Jack Dorsey is betting big on Bitcoin, forecasting a price explosion to over $1 million by 2030.As Pirates Wires’ Mike Solana asked for his take on Bitcoin’s future value, Dorsey said: “I don’t know. Over… at least a million. I do think it hits that number and goes beyond.”Still, the crypto asset’s price itself takes a backseat for Dorsey, who reiterated his core fascination with Bitcoin lies in other aspects.“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,” he said in the interview published Thursday. “It’s a fascinating ecosystem and movement, more than anything else. It taught me a lot.”Dorsey isn’t alone in foreseeing Bitcoin reaching remarkable levels. Ark Invest CEO Cathie Wood also sees a $1m valuation for Bitcoin by 2030. Additionally, Jurrien Timmer, director of global macro at Fidelity Investments, has projected a seven-figure range for Bitcoin estimating it to fall between $1m and $10m in 2030.
Dorsey Ditches Bluesky For Repeating Twitter’s ‘Mistakes’
This week, Dorsey, the one-time Twitter CEO, revealed he stepped down from Bluesky’s board. The platform, envisioned in 2019, aims to be a decentralized social media alternative.“Everything we wanted around decentralization, everything we wanted in terms of an open source protocol, suddenly became a company with VCs and a board,” he told Pirates Wire. “That’s not what I wanted, that’s not what I intended to help create.”He attributed his departure to Bluesky’s path, saying it was “literally repeating all the mistakes [Twitter] made as a company.”Dorsey further revealed his true focus lies with Nostr, another decentralized platform challenging Twitter. He said he wanted to support Nostr’s development as a genuine open-source protocol.
Jack Dorsey’s Block Announces Strategic Monthly Bitcoin Purchases
Dorsey is currently head of payments firm Block, which is doubling down on Bitcoin. Last week, the firm announced a new strategy to invest 10% of its Bitcoin product profits into buying more Bitcoin every month.Block was one of the first public companies to invest in Bitcoin, with a $220m investment in 2020. The company’s Bitcoin holdings have surged 160% to reach $573m by the end of Q1 2024.
