As per the recent developments, former Twitter CEO Jack Dorsey has expressed a bullish sentiment towards Bitcoin (BTC) and predicted that the digital currency could potentially reach a price of $1 million by 2030. This optimistic forecast was shared during an interview with Pirate Wires, where Dorsey mentioned that Bitcoin’s ecosystem and the efforts put in by individuals working on it or investing in it contribute significantly to the overall growth of the entire cryptocurrency landscape. This positive impact on the ecosystem ultimately leads to a higher price for the cryptocurrency. Other notable figures in the industry such as Cathie Wood, founder and CEO of Ark Invest, have also made similar predictions regarding Bitcoin’s potential future value. Dorsey has been actively involved in various crypto-related initiatives post his departure from Twitter in 2021. He served as a supporter of social media startup Bluesky but recently distanced himself from the project due to his preference for a rival decentralized social media platform, Nostr. Additionally, Dorsey founded Square in 2009, which was later renamed Block when his interest in blockchain technology intensified. The edited version of this article was prepared by Aoyon Ashraf.
On a separate note, recent reports indicate that Bitcoin’s price surge has triggered speculation among options traders regarding a possible target of $100,000 for the cryptocurrency by the end of the year. Bitcoin’s recent price upswing gained momentum following Federal Reserve Chairman Jerome Powell’s statement ruling out additional tightening or rate hikes as the next policy move. Additionally, Elliot wave analysis by Ledn’s Chief Investment Officer, John Glover, suggests that Bitcoin might rise to $92,000 in the near future. However, Glover cautioned that there would likely be a price drop to $52-$55,000 before the fourth wave is completed.
Moreover, BlockFi, a prominent cryptocurrency lending firm, faced significant challenges amidst Bitcoin’s price fluctuations. After raising $350 million and obtaining a valuation of $3 billion, BlockFi’s situation deteriorated as Bitcoin’s price fell below $30,000, causing the company to face financial difficulties. Consequently, BlockFi laid off around 20% of its workforce and reduced its operations in certain countries. Despite these setbacks, BlockFi still maintains a sizable customer base, boasting over 225,000 users, a considerable increase from the previous year’s figure of 10,000 users.
Another noteworthy development in the crypto industry involves Botanix Labs, a startup dedicated to developing a layer-2 network named Spiderchain, which is compatible with Ethereum Virtual Machine (EVM) layers. Recently, Botanix secured $8.5 million in funding, bringing its total backing to $11.5 million following a $3 million pre-seed round last year. Prominent investors in Botanix’s second funding round include Polychain Capital, Placeholder Capital, Valor Equity Partners, and ABCDE.
Lastly, cryptocurrency startups’ private investors frequently opt for the pay-to-play model, where influencers can charge exorbitant fees for promoting specific cryptocurrencies. One general partner at a leading VC asserted that KOLs (Key Opinion Leaders) can earn substantial sums by charging anywhere between $10,000 to $50,000 for a single tweet. It is worth mentioning that KOLs offer a highly profitable business opportunity in the crypto sphere, according to the same VC executive.
Leave a Reply