Why Jack Dorsey Still Believes in $1 Million Bitcoin Price?

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Key Takeaways

  • Block CEO Jack Dorsey predicts Bitcoin could surpass $1 million by 2030, attributing this potential to ongoing improvements in the Bitcoin ecosystem.
  • Dorsey advocates for corporations to adopt Bitcoin investment strategies like Block's "Bitcoin Blueprint," which involves dollar-cost averaging to mitigate volatility and enhance portfolio value over time.
  • Notable figures like MicroStrategy's CEO Michael Saylor and others have endorsed Dorsey’s strategy.

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.

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.

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.

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.

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.