Twitter co-founder and CEO of Square Inc. Jack Dorsey has offered a bullish forecast on Bitcoin (BTC), predicting that the world’s largest cryptocurrency by market capitalization will hit $1 million by 2030. Dorsey now joins several crypto industry stakeholders who have optimistic predictions for Bitcoin’s long-term price action.
Dorsey recently spoke with Pirate Wires about Bitcoin. When asked his opinion of Bitcoin in six years, he said, “I don’t know. Over…at least a million,” and added he believes Bitcoin “hits that number and goes beyond.”
According to him, Bitcoin is a fascinating ecosystem that rewards all participants because everyone, including buyers, sellers, and developers, is improving the ecosystem. Dorsey believes participants’ efforts increase the price of the king coin.
Most Bitcoin community members are bullish for many reasons, including the asset’s popularity and adoption rate. Bitcoin support is available in most cryptocurrency projects regardless of industry or specialization. For instance, sites like bitcoincasinoinstantwithdrawal.com offer gamblers information on reliable Bitcoin casinos that allow players to deposit and place bets using the crypto. Bitcoin is also easily used as payment for goods and services, cross-border transactions, and a dependable channel for people looking to make impressive returns on cryptocurrency investments.
Bullish Bitcoin Predictions
Jack Dorsey’s prediction echoes one from Ark Invest CEO Cathie Wood, who has a similar forecast for the king coin. In a March interview, Cathie Wood revisited her prediction for $1 million by 2030, noting that this was before the United States Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETFs). Following the approval, Wood revised her prediction, stating that Bitcoin could hit the target before 2030.
While Dorsey did not explain his forecast, Wood gave reasons for her bullishness. She mentioned that institutional interest in Bitcoin, through the active spot BTC ETFs, is a significant factor in Bitcoin’s favor. According to her, many people who previously weren’t, are now interested because of the presence of Bitcoin in the traditional market via ETFs. In addition to the ETFs, Wood believes that Bitcoin functions as a hedge whenever there is a debt crisis risk. She buttressed her argument by pointing out that BTC more than doubled last year during the bank run caused by the collapse of Silicon Valley Bank.
The Ark Invest CEO also said the halving event is another bullish factor in Bitcoin’s favor as the limited supply could trigger a bull run like previous cycles. However, she warned that a considerable price spike after the halving might take a while.
Another noteworthy prediction came from popular author and investor Robert Kiyosaki. In March, the “Rich Dad, Poor Dad” author offered a $300,000 prediction, a 396% increase from Bitcoin’s current $60,476 price according to data from CoinMarketCap. Kiyosaki’s bullishness stems from several factors, including the debt crisis highlighted by Cathie Wood. However, Kiyosaki adds other factors, including economic instability, geopolitical tensions, and currency devaluation. According to him, Bitcoin is a decentralized hedge that protects holders from problems of the traditional system. Before the halving, Kiyosaki announced plans to buy 10 BTC. Even if Bitcoin does not meet any predictions, it has already established itself as a go-to tool for everything, from international transactions and settlements to a reliable tool for players in the crypto online gambling industry.
The Bitcoin Landscape
Bitcoin was a lot more bullish around the halving period, hitting an all-time high (ATH) above $73,000. However, BTC has fallen considerably and recently dropped below $60,000 on selling pressure. Since then, the world’s largest cryptocurrency has struggled to regain previous highs.
Bitcoin has been stuck below the $62,000 mark despite bullish factors like the spot BTC ETFs and the recent halving event. While most predictions and historical data show that Bitcoin’s post-halving rally will take a while, the excitement around ETFs may have dropped. Earlier in May, the ETF market recorded seven days of continuous outflows, with a net outflow of $34.4 million on Thursday, May 2nd. Although it was considerably lower than the record $563.7 million recorded the previous day, it indicated waning interest in the spot Bitcoin ETFs.
Despite the reduced inflow, a report from global asset management firm AllianceBernstein is optimistic. According to analysts Guatam Chhugani and Mahika Sapra, the slowdown in the US spot Bitcoin ETF market is temporary. The analysts believe that the reduction stems from the launch of successful ETFs and the halving event, which brought expected Bitcoin gains forward.
Chhugani and Sapra predict that despite the uncertainty in the Bitcoin market, the asset will hit $150,000 by the end of next year. According to the analysts, crypto investment platforms must create robust compliance methods to help them offer related products to prop up the industry. They noted that miners are already finding ways around consolidating the sector, with fees now stabilizing at about 10% of revenue. Combined with the more than $12 billion net inflow into the Bitcoin market this year, Chhugani and Sapra are bullish.
In the Hong Kong market, the Securities and Futures Commission (SFC) approved the launch of spot Bitcoin and Ether (ETH) ETFs in mid-April. The approval was widely celebrated as bullish for the crypto sector in Hong Kong and the global market. In addition to general bullishness, stakeholders believed that the products would help because they would allow Chinese investors to circumvent harsh crypto regulations in China. Unfortunately, less than a month after official approval, investor interest seems to have fallen.
On May 6th, Hong Kong’s spot Bitcoin ETFs recorded their first outflows, all from the product from China Asset Management, only a week after its official April 30th launch. According to data from crypto trading data platform Soso Value, ChinaAMC’s Bitcoin ETFs lost about $75.36 million on the day. While the ETFs from issuers Hashkey and Harvest did not bleed out, they registered no inflows.