The tech billionaire Jack Dorsey has been an early and avid booster of the cryptocurrency Bitcoin since 2012, when it was trading at $11 and he said it was ‘a gift to humanity’. Today, it sells for around $70,000. In a recent interview, Dorsey predicted that its price could rise to $1 million by 2030 because of improvements in the technology that enables it (the ‘blockchain’ that records every transaction and makes it trustless, secured by consensus) and because the algorithm that caps supply and makes it a truly scarce store of value makes it function more like gold than fiat, state-backed money.
To further signal he is bullish on Bitcoin’s future, Dorsey has signalled a number of reasons why Bitcoin should soon come to global finance systems. Bitcoin is already seeing adoption in emerging markets and legislation-friendly to cryptocurrencies is on its way in developed markets such as the US and Europe. In 2018, Dorsey said that Bitcoin could perhaps one day replace the US dollar as the world’s reserve currency. A longstanding prediction made by Bitcoin enthusiasts who see the current financial system as unsustainable given massive US national debt.
Source: Yahoo! Finance
