Twitter founder: Bitcoin will reach $1 million

Bitcoin Longs

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

Dorsey noted that Bitcoin’s price isn’t actually the most interesting aspect of Bitcoin, but rather the collaborative nature of the ecosystem and the way it incentivizes collective efforts to strengthen the network.

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

Jack Patrick Dorsey

Jack Patrick Dorsey (born November 19, 1976) is an American Internet entrepreneur, philanthropist and programmer, co-founder and former permanent CEO of Twitter from 2015 to 2021, 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 youth, he occasionally worked as a fashion model and enrolled at the University of Missouri-Rolla in 1995 for more than two years before transferring to New York University in 1997. But he dropped out after two years and came up with the idea for what would eventually become Twitter.

Founding Twitter

Dorsey founded his company in Oakland in 2000, dispatching couriers, taxis and emergency services over the Internet. In July 2000, inspired by LiveJournal and AOL Instant Messenger, he came up with the idea of ​​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 texts would fit the idea of ​​status messages and built a prototype of Twitter in about two weeks. The idea attracted investment from Odeo and Evan Williams.

Later, Dorsey became the Chief Executive Officer (CEO) of Twitter.

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

Enter Web3

After Jack Dorsey quit the Twitter board of directors, he devoted himself to Bitcoin. He used the name of his other company, the payment platform Block (formerly known as Square), to support the development team of the Lightning Network and the more ambitious Web 5 network developers.

Jack Dorsey gave a keynote speech on the evolution of Blockchain and the role of Bitcoin in its future development, outlining the company's Bitcoin-centric future plans.

He said that he did not want Block to be just a payment company, but wanted it to "grow in multiple dimensions and in multiple different ways," and said that if Block only did payments 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 network infrastructure, directly replacing the current Web 2 and Web 3 concepts, and is therefore also called Web 2 + Web 3 = Web 5.

Around Bitcoin, Jack Dorsey has made a combined layout at Block, in which the payment company Block is responsible for Bitcoin payments, 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 of the 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 staunch Bitcoin believer after Satoshi Nakamoto.

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

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 allow Web 5 to occur on the Bitcoin network.

Final Thoughts

Jack Dorsey does not like the concept of Web3 and has been critical of it for a long time. He even criticized Web3 investors with slightly sarcastic words such as "RIP Web3 VCs".

Since 2021, Jack Dorsey announced his resignation as CEO of Twitter. He has now devoted himself to the cryptocurrency payment company Block and plans to launch a Bitcoin hardware wallet and DEX.

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