Bitcoin has stormed into 2024, topping its previous all-time high and now braced for a predicted “enormous” China earthquake.
The bitcoin price has more than doubled since this time last year, powered by a wave of institutional adoption that could be just getting started.
Now, as former U.S. president Donald Trump and the U.S. Federal Reserve could be about to trigger a $4 trillion bitcoin price boom, Twitter founder and Block chief executive Jack Dorsey has said he expects the bitcoin price to rocket to $1 million by 2030—which would give bitcoin a market capitalization of $20 trillion—partly driven by Block’s bitcoin work.
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“At least a $1 million,” Dorsey said in an interview with Mike Solana, the founder of media company Pirate Wires when asked what he expects the bitcoin price will be in by 2030. “I do think it hits that number and goes beyond.”
Dorsey said he believed the bitcoin price will grow rapidly due to people and companies working to grow use of bitcoin and improving the “ecosystem.”
“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,” Dorsey said. “It’s a fascinating ecosystem and movement, more than anything else. It taught me a lot.”
Dorsey’s huge bitcoin price prediction echos similar bitcoin price bets by Ark chief executive Cathie Wood—who in January said bitcoin could hit $1.5 million by 2030—and Balaji Srinivasan, the former chief technology officer at crypto exchange Coinbase and former partner at venture capital company Andreessen Horowitz, who last year made headlines with a bet bitcoin would hit $1 million.
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Earlier this month, Dorsey revealed his payments-focused bitcoin company Block will put 10% of its gross profit made off its bitcoin products into buying bitcoin every month.
“Our investment in bitcoin transcends technology; it is an investment in a future where economic empowerment is the norm,” Dorsey wrote in a shareholder letter alongside the company’s better-than-expected first-quarter results.
Block has recently launched a bitcoin hardware wallet and earlier this year announced it is building a “full bitcoin mining system.”
“The internet will have a native currency; it’s just a matter of time,” Dorsey wrote. “This won’t happen overnight. The existing and emerging financial systems will operate in parallel for some time.”
Read More: ‘Beyond’ $20 Trillion By 2030—Jack Dorsey’s Plan To Turbocharge The Bitcoin Price
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