Following the resurgence of the crypto bulls, key industry players have issued predictions about the price movement of Bitcoin. Even though some of the predictions turn out to be the opposite, the co-founder of Twitter, Jack Dorsey, remains optimistic that Bitcoin price will sustain an upward trajectory.
In an interview with the Pirate Wires, Dorsey forecasted that Bitcoin (BTC) would reach $1 million in the next decade. The interview focused on the future of the world’s largest crypto asset, Bitcoin, by daily trading volume.
Jack Dorsey Predict Bitcoin Price to Increase
Commenting on the future of Bitcoin, Dorsey projects that by 2030, Bitcoin will reach the $1 million mark. The executive believes Bitcoin will attain the $1 million resistance level in the coming years.
Dorsey’s predictions mirror Cathies Woods’ bullish outlook on the price of BTC. On March 8, the founder of Ark Invest forecasted that Bitcoin would reach $1.5 million by 2030.
The executive projected that the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin exchange-traded funds will propel the crypto bulls.
Reflecting on the recent development in the crypto sector, Dorsey described Bitcoin as “a fascinating ecosystem and movement.” He acknowledged the exemplary work by the critical industry players to improve the Bitcoin ecosystem.
Dorsey has also been a critical contributor to the Bitcoin sector by developing products that stimulate the growth of BTC. At the moment, Dorsey has launched unique Bitcoin wallets, ASIC mining chips, and other blockchain-oriented payment platforms such as Block.
Benefits of the Crypto Bull Market
In April, Dorsey-led retail payment platform Square revealed plans to convert a certain percentage of the daily sales to Bitcoin. Apart from contributing to the development of the crypto industry, Dorsey has been actively engaged in leading giant social media platforms such as Twitter.
However, in the last few days, Dorsey announced plans to step down from Bluesky and focus more on developing Nostr. He lamented that Bluesky was still repeating the mistakes made by Twitter by operating more as a company with VCs and a board rather than striving to become more decentralized.
The executive argued that Nostr operated that as an open protocol that addressed Twitter’s failures. Dorsey confessed that a protocol does not require the board of management to run Nostr successfully.
He deleted his Bluesky account and vowed to improve the Nostr ecosystem. Commenting on this, the chief executive of Bluesky, Jay Graber, confessed that Dorsey failed to understand the company’s operation.
The executive added that Bluesky had invested heavily in becoming a decentralized protocol. Graber stated that Bluesky focuses more on becoming a marketplace of algorithms.
The executive explained that Bluesky had created a protocol that allowed Twitter to operate efficiently without changes. It implies that the Bluesky team placed decentralization under the hood.
Significance of Open Protocols
On X, the Bluesky lead developer Paul Frazee argued that the company needs an actual product and product thinking approach to stimulate growth. The executive noted that Dorsey’s pure protocol approach contradicted Bluesky’s approach.
Initially, before Elon Musk acquired Twitter, the Bluesky team had created an AT protocol for his social media platform. The executive lamented that Bluesky AT Protocol failed to materialize after Musk acquired Twitter.
The failure of the Bluesky AT Protocol ignited tides of criticism from the tech community. Dorsey advised the Bluesky team to invest in making the social media platform more open. He urged the Bluesky to make their platform open protocol like Nostr.