Jack Dorsey Predicts Bitcoin to Hit $1 Million in Six Years

Jack Dorsey, the co-founder of X (formerly Twitter), has recently shared his bullish outlook for the long-term price action of Bitcoin. Speaking in an interview, he said that the value of the leading crypto asset could reach a price of at least $1 million in six years. 

Dorsey added that the Bitcoin price will most likely hit his prediction and could even go beyond. Meanwhile, he pointed out that although the price of Bitcoin is interesting, the most amazing aspect of the crypto asset is the collaborative nature of its ecosystem and the way it incentivizes collective efforts to enhance the network. 

“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. It’s a fascinating ecosystem and movement, more than anything else. It taught me a lot,” he said.

Dorsey’s Firm Invests in Bitcoin

Dorsey, an avid Bitcoin supporter, announced earlier this month that his fintech firm Block will convert 10% of its gross profit from Bitcoin products into BTC each month.

In the shareholder letter, he stated that he is dedicating so much time to Bitcoin because he believes the world requires an open money protocol. According to him, an open protocol could benefit Block by allowing it to serve more people around the world more quickly.

Dorsey Dishes on his Departure From Bluesky

The X co-founder recently made headlines when he stepped down from the board of Bluesky, a social networking initiative he helped start.

During the interview, he stated that the platform was repeating all of their previous mistakes as a company. Dorsey said he originally envisioned Bluesky as an open-source and decentralized protocol that X and other social media platforms could build on top of, separating the protocol layer from the application layer to reduce censorship risks. 

However, the platform began to behave more like a traditional company, promoting moderation tools. Seeing that his intentions were not met, he deleted his Bluesky account and stepped down from the board. Dorsey said he is currently focused on Nostr, an anonymous, open protocol with no company or centralized control, which is more aligned with his goals of censorship resistance.