Block CEO Jack Dorsey believes Bitcoin’s price could soar past the $1 million mark due to its foundation and the continuous improvement of the ecosystem.
There’s a new prediction on Bitcoin’s long-term value. Twitter co-founder and Block CEO Jack Dorsey believes the asset could rise to $1 million by 2030.
In an insightful interview with journalist Mike Solana on Pirate Wires, Dorsey shared his bullish outlook on Bitcoin. But why is he still so optimistic after all the events in the crypto industry?
Jack Dorsey’s New Bitcoin Investment
Dorsey attributes his optimism about Bitcoin’s potential to the asset’s foundation and continued ecosystem improvements. The Bitcoin blockchain has introduced upgrades such as the BRC-20 standard and the Runes protocol.
“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 into making it better—is making the entire ecosystem better, which makes the price go up,” he explained.
Bitcoin trades at $62,800 at press time. Since he stepped down as Twitter CEO in 2021, Dorsey has advocated for open-source projects. He has backed the decentralized social media network BlueSky and has gone all in on Bitcoin.
Last week, Dorsey unveiled Block’s bold 10% Bitcoin investment strategy, which he dubbed the “Bitcoin Blueprint For Corporate Balance Sheets,” in a letter shared with shareholders.
block is DCA'ing bitcoin every month. here's how your company can do it too: https://t.co/xabpCVZdn8
— jack (@jack) May 2, 2024
He urged other business leaders to adopt Block’s approach by investing heavily in Bitcoin, as he openly described Block’s investment approach to inspire action.
At the core of Block’s strategy is dollar-cost averaging (DCA). The DCA method entails investing fixed amounts at regular intervals, regardless of the asset’s price. The goal is to average the price paid per unit over time, effectively reducing the impact of price volatility.
Block has begun to dollar cost average into #bitcoin for its corporate treasury. $SQ $BTC https://t.co/R7Qd5K1P9X pic.twitter.com/7H2qJ1KxZM
— Dylan LeClair 🟠 (@DylanLeClair_) May 2, 2024
Dorsey highlighted the challenges associated with Bitcoin investment, noting its highly volatile nature and the difficulty in predicting its price movements, which often do not align with traditional asset classes.
Block’s first foray into Bitcoin was in 2020. The tech company (then Square) acquired 4,709 Bitcoins for $50 million at an average price of $10,618 per BTC. Block subsequently purchased an additional 3,318 Bitcoins for $170 million at an average price of $51,236 per BTC in 2021.
Block reported holding 8,038 BTC as of March 31 in the company’s first-quarter (Q1) financial earnings for 2024. This values the company’s BTC holdings at approximately $573 million, reflecting a paper gain of $233 million.
Michael Saylor & Other Execs Endorse Jack Dorsey’s Strategy
Bitcoin evangelist and MicroStrategy CEO Michael Saylor is one of the major corporate leaders who have supported Jack Dorsey’s 10% Bitcoin investment plan.
Each month, $SQ will be investing 10% of their gross profit from #Bitcoin products into $BTC. https://t.co/nHjZjVzAfV
— Michael Saylor⚡️ (@saylor) May 2, 2024
Saylor is a well-known pro-Bitcoinist with the largest corporate Bitcoin holding, totaling 214,400 Bitcoins as of May 1, 2024.
His support for the 10% Bitcoin investment allocation has been backed by many enthusiasts who believe that Bitcoin will lead the movement towards a decentralized economy.
Same here.
We moved the majority @CrystalKnowsMe treasury to #Bitcoin last year and continue to stack.
Wrote up this Google Doc to explain the details for any other startup or small business that wants to do it: https://t.co/28n6h2fkvz https://t.co/4cttZDcLR4
— Drew D'Agostino (@DrewDAgostino) May 6, 2024
Additionally, Drew Agostino, the co-founder and CEO of Crystal, a leading global personality data platform, endorsed Dorsey’s Bitcoin Blueprint plan and revealed that his company had moved most of its treasury to Bitcoin and planned to continue accumulating.