- Twitter co-founder Jack Dorsey predicts Bitcoin will hit $1 million by 2030, emphasizing his continued support for the cryptocurrency.
- Dorsey’s payment firm, Block, has been investing in Bitcoin and developing related products, despite facing potential federal investigations.
- Meanwhile, Dorsey’s ventures into decentralized social media, including his backing of open-source social media protocol Nostr, have stirred controversy.
Jack Dorsey, Twitter co-founder and Bitcoin advocate, predicts a $1 million Bitcoin value by 2030. Amidst potential federal investigations into his payment firm, Block, Dorsey continues to invest in Bitcoin and develop related products. His ventures into decentralized social media, particularly his support for Nostr, have sparked debate.
Dorsey’s Bitcoin Prediction and Investment
Jack Dorsey has long been a supporter of Bitcoin, often publicly endorsing the cryptocurrency. In a recent interview with Pirate Wires, Dorsey predicted that Bitcoin would reach a value of $1 million by 2030. He described Bitcoin as “a fascinating ecosystem and movement,” and stated that anyone who contributes to its development is enhancing the entire ecosystem, which in turn increases its value.
Dorsey’s payment firm, Block, has been actively investing in Bitcoin and developing related products, such as Bitcoin wallets and ASIC mining chips. Despite an NBC News report suggesting that federal prosecutors are investigating alleged compliance lapses at Block, including the handling of crypto transactions from terrorist groups, Dorsey’s support for Bitcoin remains unwavering.
Dorsey’s Ventures into Decentralized Social Media
Alongside his Bitcoin advocacy, Dorsey has been exploring the realm of decentralized social media. He recently departed from the board of Twitter rival Bluesky and began backing the open-source social media protocol Nostr. Dorsey criticized Bluesky for repeating Twitter’s mistakes and not being truly decentralized. He argued that Nostr, on the other hand, is a “truly open protocol” that emerged as a response to Twitter’s failures.
However, Bluesky CEO Jay Graber and developer Paul Frazee have challenged Dorsey’s views. Graber argued that Bluesky operates a “marketplace of algorithms” and that its moderation is composable. Frazee criticized Dorsey’s “pure protocol” approach, stating that product development requires an actual product and product-thinking.
Conclusion
As Jack Dorsey continues to champion Bitcoin and explore the world of decentralized social media, his predictions and actions are shaping discussions within these spheres. Despite potential legal challenges and disagreements within the industry, Dorsey remains a significant figure in both the cryptocurrency and social media landscapes. His future actions and the outcomes of his current ventures will undoubtedly continue to influence these sectors.
