May 28, 2024

During an interview on Pirate Wires, Twitter co-founder Jack Dorsey expressed optimism about Bitcoin BTC’s long-term value. Dorsey believes Bitcoin’s price could rise to $1 million and beyond by 2030.

He also shared why he quit his position on the board of Bluesky, a decentralized Twitter alternative launched in 2019.

Jack Dorsey Believes Bitcoin Has Million-Dollar Potential, Discusses Bluesky and Others  

During an interview with journalist Mike Solana, Jack Dorsey said Bitcoin’s worth will reach at least $1 million by 2030. He believes Bitcoin has a robust foundation, and with ongoing ecosystem improvements, the asset could record explosive rallies in the coming years. 

Currently, Dorsey heads the financial services firm Block and finds the collaborative effort on Bitcoin amazing. He commended how Bitcoin incentivizes collaborative efforts to incentivize the ecosystem and enhance the network. 

Commenting on his abrupt exit from the board, the Twitter co-founder noted that Bluesky was repeating the mistakes Twitter made. Initially, he believed Bluesky would be an open-source protocol that social media platforms could build on. However, Bluesky began to behave like a regular company, heavily moderating content. 

Notably, Dorsey has deleted his Bluesky account and migrated to the platform Nostr, an anonymous and open-source protocol.

Dorsey’s interest in cryptocurrency investment is quite evident. In a shareholder letter on May 2, Dorsey said his fintech firm, Block, plans to invest 10% of its gross profit from Bitcoin products to buy BTC each month.

According to the letter, Block’s first-quarter revenue was better than expected. Block recorded revenues of $5.96 billion in Q1 2024, exceeding the $5.75 billion estimate made by the analytical platform Zacks.  

Also, its Q1 gross profits reached $2.09 billion, a 22% increase in the year-to-date ratio. Interestingly, Block held 8,038 BTC as of March 31, with reported gains of $233 million. 

Meanwhile, May 1 reports revealed that the United States federal prosecutors were investigating Block. This investigation comes following compliance violation allegations against Block’s payment units, Square and Cash App. 

Glassnode Executives, Others Predict Bullish Breakout for BTC   

Dorsey isn’t the only one who is bullish on Bitcoin. Glassnode intelligence firm founders Jan Happel and Yana Alleman shared bold Bitcoin predictions on X.

According to the executives, BTC appears poised for higher rallies. The executives highlighted the weekly timeframe, noting that a Reversal Candle was formed last week. They said this week’s retracement is likely a healthy correction before Bitcoin rallies even higher.

Also, pseudonymous crypto trader Mister Crypto confirmed the bullish sentiment for BTC. According to the trader, Bitcoin posted a weekly bullish hammer candle, signally an imminent reversal. 

Further, another analyst, Rekt Capital, noted an interesting pattern for Bitcoin. Over the past year and a half, long lower wicks at the end of a retracement signal a future price reversal. However, this pattern is often noticed when the retracement is above 20%.

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