By 2030, the leading cryptocurrency is expected to reach and exceed $1 million, according to Jack Dorsey, co-founder of Twitter (now X) and head of Block.
jack is one of the most enigmatic men in business today: relentlessly blamed for social media censorship, but one of the most committed anti-authoritarians building in tech. in a rare, far-reaching interview, he shares his perspective on the last ten years. proud of this one ?☠️ pic.twitter.com/sTPrkpmxBF
— Mike Solana (@micsolana) May 9, 2024
The entrepreneur highlighted that a more intriguing aspect of digital gold is the nature of its ecosystem and how it encourages collective efforts to improve the network.
“Beyond its founding story, the most amazing thing about bitcoin — is that everyone […] who makes any effort to improve it, enhances the entire ecosystem, which drives the price up. It’s an incredible movement. […] It has taught me a lot,” he explained.
Dorsey explained his departure from the board of Bluesky in May, realizing that the project was repeating all of Twitter’s (X) mistakes and could not be considered truly decentralized.
“It’s just another app,” he noted.
Bluesky was conceived as an open-source protocol for social media platforms to build upon, aiming to reduce censorship risks. According to Dorsey, the project instead began to behave more like a traditional company, insisting on creating moderation tools.
“Everything we wanted from decentralization, everything we wanted from an open-source protocol, suddenly turned into a company with venture funds and a board of directors. This is not what I wanted; this is not what I set out to help create,” he explained.
In May, Block began using 10% of its monthly gross profit related to bitcoin to purchase additional coins. This practice will continue until the end of 2024.
Earlier, it was reported that the U.S. Federal Prosecutor’s Office is examining the financial operations of the company’s cryptocurrency divisions for compliance with regulations.