Bitcoin

This top cryptocurrency could reach $1 million by 2030, according to Jack Dorsey

Published

11 months ago

19 May, 2024

This top cryptocurrency could reach $1 million by 2030, according to Jack Dorsey

A growing number of crypto investors now think that Bitcoin (CRYPTO: BTC) could reach a price of $1 million in the next few years. In addition to Cathie Wood of Ark Invest, who famously predicted a price of $1 million in 2022, there is now Jack Dorsey, co-founder and former CEO of Twitter. In a recent interview, Dorsey suggested that Bitcoin will reach “at least a million” by 2030.

What makes this prediction so interesting is that it doesn’t come from a Wall Street investment firm. Instead, it comes from the perspective of a technologist with a deep understanding of how Bitcoin it works, not just how it is negotiated. So if Jack Dorsey is bullish on Bitcoin, should you be too?

Is Bitcoin an asset or a technology, or both?

There are two classic ways investors think about Bitcoin. The first approach is to think of Bitcoin as a commodity. From this perspective, Bitcoin is “digital gold” and a store of value, and should be accumulated in the same way as physical gold. The second approach is to think of Bitcoin as a digital currency. From this perspective, Bitcoin functions primarily as a payment mechanism and medium of exchange.

Coins with Bitcoin symbol, next to tables and graphs.

Image source: Getty Images.

But there is a third way to think about Bitcoin – as a technology. This is how Dorsey thinks about Bitcoin. He sees it as a blockchain-based technology that is capable of disrupting the modern financial system. And he’s primarily focused on the burgeoning Bitcoin ecosystem, which includes everyone from Bitcoin miners to companies creating new Bitcoin payment technologies.

According to Dorsey, every person who touches Bitcoin in a meaningful way helps make it better. He should know: In recent years, Dorsey has famously collaborated on several Bitcoin-related projects. Dorsey’s latest project is Oceanwhich is a new Bitcoin mining initiative.

How much is the Bitcoin ecosystem worth?

Given the emphasis Dorsey places on Bitcoin as a technology, it is perhaps natural to ask: “How much is the Bitcoin technology ecosystem worth when it comes to valuing Bitcoin?”

That’s a great question, but I’m not sure anyone has really answered it to my satisfaction. Ark Invest’s Cathie Wood has perhaps come closest, with her focus on Bitcoin’s core use cases. For example, in Ark Invest’s 2023 “Big Ideas” report, it highlighted several roles that Bitcoin can play, including as a remittance asset. Thus, for example, it is plausible that investors will attribute greater value to Bitcoin if they see its role in the cross-border remittances market increasing over time.

The story continues

Another approach is to focus on the new products and services that members of this Bitcoin ecosystem are bringing to the market. For example, Lightning Labs, already known for its Lightning Network, is now working to bring stablecoins and tokenized assets to the Bitcoin blockchain. And Strike continues to bring new Bitcoin payment options to global users. All of these products and services are helping to make Bitcoin more valuable, increasing its adoption worldwide.

Is Bitcoin really reaching $1 million?

When it comes to evaluating Bitcoin, the focus should be on the mainstream adoption of Bitcoin. In other words, what are ecosystem members doing to make Bitcoin more useful in everyday life? In this case, “utility” means more than just lots of people buying Bitcoin ETFs in cash. It means people use Bitcoin as part of a decentralized financial system that empowers individuals, reduces fees, and lowers barriers to entry.

Jack Dorsey hits the nail on the head when he talks about Bitcoin’s collaborative ecosystem. He has experience building technology companies and designing innovative technologies and platforms. He understands the importance of community and collaboration to the success and widespread adoption of any new technology.

While I’m still not convinced that Bitcoin will reach the mythical price of $1 million by 2030, I am convinced that Bitcoin is currently undervalued at its current price of $63,000. This is because many investors are focused on Bitcoin as a financial asset, and not as a digital technology capable of disrupting the modern financial system. With this in mind, I am optimistic about Bitcoin’s long-term prospects.

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This top cryptocurrency could reach $1 million by 2030, according to Jack Dorsey was originally published by The Motley Fool

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Related Topics:Bitcoin Miners Jack Dorsey Katie Wood

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We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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