What did Twitter CEO Jack Dorsey Say About Bitcoin?
Bitcoin predictions from major tech insiders are nothing new. By now, most people are familiar with John McAfee and Apple co-founder Steve Wozniak’s love for Bitcoin. However, a new Bitcoin price prediction from Twitter CEO Jack Dorsey has caused a renewed buzz of conversation in the cryptocurrency market.
Speaking on the popular Joe Rogan Experience podcast, Twitter CEO Jack Dorsey has stated that as he sees it:
“…the world ultimately will have a single currency, the internet will have a single currency,” [and] “I personally believe that it will be Bitcoin.”
In his 2-hour podcast appearance with Joe Rogan, the Twitter CEO didn’t pin a specific short or long-term price on Bitcoin. However, what Jack Dorsey did highlight, was why he personally believes Bitcoin will become the Internet’s number one digital currency.
Jack Dorsey believes that “all the tests it has been through” [and] “how it was created,” are a fundamental indicator of Bitcoin’s future success.
At present, Bitcoin is the oldest cryptocurrency on the market,
Bitcoin has proved that it can evolve without a centralized governance structure. Not being governed by a centralized authority and not having a publicly visible creator, has shown that Bitcoin cannot be manipulated or undermined by mainstream, financial institutions
2018 was rather bleak for a number of cryptocurrency investors. However, several recent and upcoming developments have experts hoping to soon see some improvements.
In May 2020, Bitcoin mining rewards will reduce by 50%. This will reduce the number of new Bitcoin entering circulation. Moreover, this has some people speculating that halving could give rise to a subsequent price rally.
In the 12-months leading up to the first Bitcoin halving event in 2011, Bitcoin appreciated in value by 300% . The year before Bitcoin’s second halving event in July 2016, saw the Bitcoin price rally upward by 178% . If historical trends repeat, experts are hoping for a renewed Bitcoin bull run in May 2019, in anticipation of halving in May 2020
Jack Dorsey has suggested that he believes Bitcoin has the potential to become the Internet’s most widely used cryptocurrency. However, he didn’t state when he thinks Bitcoin adoption levels will start to increase.
Despite significant price pullbacks in 2018, the Cambridge Centre for Alternative Finance has published a study which demonstrates that Bitcoin adoption levels increased over the same period. In saying that, it is imperative that all potential investors do their own further research, before making any decision to enter the market. It is a volatile market and all decisions should be made by the investor alone.
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