Jack Dorsey’s Vision for Bitcoin and Decentralized Social Media

Twitter co-founder Jack Dorsey, a staunch advocate for Bitcoin, recently reinforced his optimistic stance on the cryptocurrency’s future in an interview with Pirate Wires, where he predicted that Bitcoin could reach $1 million by 2030. Known for his proactive support of the Bitcoin ecosystem through donations and development initiatives, Dorsey’s bullish predictions are backed by significant personal and professional investments in the space.

Dorsey described Bitcoin as “a fascinating ecosystem and movement,” emphasizing that every contribution, whether through work, investment, or development, enhances the entire system, driving the cryptocurrency’s value upwards. His payments company, is actively involved in the Bitcoin market, developing products like Bitcoin wallets and ASIC mining chips, and integrating Bitcoin transactions into their retail payment product, Square.

However, Block has recently come under scrutiny. Reports from NBC News suggest that U.S. prosecutors are investigating the company for potential compliance failures, including mishandling transactions linked to terrorist groups.

Beyond Bitcoin, Dorsey is deeply invested in the evolution of decentralized social media. His criticism of Bluesky, a project he initially supported, highlights his commitment to genuine decentralization. Dorsey expressed dissatisfaction with Bluesky’s direction, noting it was replicating Twitter’s errors rather than pioneering a truly decentralized platform. This led him to withdraw from the board and delete his Bluesky account, shifting his focus to Nostr—a platform he regards as a “truly open protocol.”

Nostr, according to Dorsey, is a direct response to Twitter’s shortcomings and embodies the characteristics of an ideal decentralized protocol—uncontrolled by any central authority and free from conventional governance structures like boards.

In contrast, Bluesky’s leaders, including CEO Jay Graber and developer Paul Frazee, defend their approach. Graber argues that Bluesky operates a “marketplace of algorithms” where moderation is flexible and decentralized, suggesting that their model does indeed innovate on Twitter’s framework. Frazee points out the importance of product-oriented development to drive user adoption and engagement, a perspective that diverges from Dorsey’s protocol-centric view.

As the debate between centralized control and decentralized innovation continues, Dorsey remains a pivotal figure. His vision for the future of both cryptocurrency and social media challenges traditional models and advocates for a more open, user-empowered approach.