Twitter founder: Bitcoin will reach $1 million

Bitcoin bulls

According to Cointelegraph, Twitter co-founder Jack Dorsey said that by 2030, the price of Bitcoin may reach at least $1 million, and its value may grow further from then on.

Dorsey pointed out that the price of Bitcoin is not actually the most interesting aspect of Bitcoin, but the collaborative nature of the ecosystem and the way it incentivizes collective efforts to enhance the network.

Earlier in 2022, Jack Dorsey tweeted that he did not pay close attention to the price of Bitcoin because in the long run, as more people use Bitcoin, Bitcoin will definitely appreciate.

Jack Patrick Dorsey

Jack Patrick Dorsey (born November 19, 1976) is an American Internet entrepreneur, philanthropist and programmer. He served as the co-founder and former permanent CEO of Twitter from 2015 to 2021, and the CEO and chairman of Block, the developer of the Square financial services platform.

Dorsey was born in St. Louis, Missouri, and attended Bishop Dubourg High School in his early years. In his youth, he occasionally worked as a fashion model and enrolled at the University of Missouri-Rolla in 1995, attending for a little over two years before transferring to New York University in 1997. But he dropped out after two years and came up with the idea that would eventually create Twitter.

Starting Twitter

In 2000, Dorsey founded his company in Oakland, dispatching couriers, taxis, and emergency services over the network. In July 2000, inspired by LiveJournal and AOL Instant Messenger, he came up with the idea for a web-based real-time status/short message communication service.

When he first saw an implementation of instant messaging, Dorsey wondered if the software's user status output could be easily shared among friends.

Dorsey thought SMS text would fit the idea of ​​status messaging and built a prototype of Twitter in about two weeks. This idea attracted investment from Odeo and Evan Williams.

Later, Dorsey became the CEO of Twitter.

However, since Musk acquired Twitter in 2022, Jack Dorsey announced his resignation from the Twitter board of directors.

Entering Web3

After Jack Dorsey withdrew from the Twitter board of directors, he devoted himself to Bitcoin, and in the name of his other company, the payment platform Block (formerly Square), he raised a development team for the Lightning Network, as well as a more ambitious Web 5 network developer.

Jack Dorsey once delivered a keynote speech on the evolution of Block and the role of Bitcoin in its future development, outlining the company's future plans centered on Bitcoin.

He said that he did not want Block to be just a payment company, but to "grow in multiple dimensions and in multiple different ways", and said that if Block only does payment, it would be like Amazon only selling books.

In June 2022, Jack Dorsey announced at the Consensus conference that he would build a Web 5 decentralized network platform, which will become the next generation of network infrastructure, directly replacing the current Web 2 and Web 3 concepts, so it is also called Web 2 + Web 3 = Web 5.

Around Bitcoin, Jack Dorsey has made a combined layout in Block, in which the payment company Block does Bitcoin payment, its subsidiary Spiral is responsible for the Bitcoin Lightning Network Development Kit LDK and the Bitcoin Development Kit BDK, and TBD is responsible for Web 5 built on the Bitcoin currency layer.

Rather than saying that the next generation network is Web 5, it is better to say that Bitcoin is introduced into the network and its data ownership is transformed. This is also what the original Bitcoin wanted to do but did not complete. Jack Dorsey is worthy of being the most determined Bitcoin believer after Satoshi Nakamoto.

In Jack Dorsey's business landscape, Block is the company entity that actually generates revenue. Its Cash App is already a more mainstream Bitcoin payment application, with a quarterly transaction volume of more than 1.5 billion US dollars. It can currently support Bitcoin salary payments and use the Lightning Network for transfers.

The Web 5 development being carried out by another company, TBD, is, to some extent, connecting the existing Cash App and development tools such as LDK and BDK to promote the expansion of Bitcoin application scenarios, and then let Web 5 happen on the Bitcoin network.

Written in the end

Jack Dorsey does not like the concept of Web3 and has long been critical of it. He even used slightly sarcastic words such as "RIP Web3 VCs" to attack Web3 investors.

Since 2021, Jack Dorsey announced his resignation as CEO of Twitter. Now he has devoted himself to the encrypted payment company Block, and plans to launch Bitcoin hardware wallets and DEX.

There is no doubt that Jack Dorsey believes that the importance of Bitcoin may exceed everything. So, let us look forward to the realization of Jack Dorsey's prediction of "millions of dollars".