This Top Cryptocurrency Could Reach $1 Million by 2030

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A growing number of crypto investors now believe that Bitcoin (CRYPTO: BTC) could reach a price of $1 million within the next few years. This includes prominent figures like Cathie Wood of Ark Invest, who predicted a $1 million price in 2022, and Jack Dorsey, co-founder and former CEO of Twitter. In a recent interview, Dorsey suggested that Bitcoin could hit "at least a million" by 2030.



What makes Dorsey's forecast interesting is his perspective as a technologist with deep knowledge of how Bitcoin works, not just how it trades. So, should you consider his bullish stance on Bitcoin?


 Is Bitcoin an Asset, a Technology, or Both?


Investors typically view Bitcoin in one of two ways. The first approach is to see Bitcoin as a commodity, likening it to "digital gold" and a store of value to be hoarded like physical gold. The second approach views Bitcoin as a digital currency, functioning primarily as a payment mechanism and means of exchange.


However, there is a third perspective: viewing Bitcoin as a technology. This is how Jack Dorsey sees it. He considers Bitcoin a blockchain-based technology capable of disrupting the modern financial system. He focuses on Bitcoin's growing ecosystem, which includes Bitcoin miners and companies developing new Bitcoin payment technologies.


 The Value of the Bitcoin Ecosystem


Dorsey believes that everyone involved with Bitcoin helps improve it. Over the years, he has collaborated on various Bitcoin-related projects, the latest being Ocean, a new Bitcoin mining initiative.


Given Dorsey's emphasis on Bitcoin as a technology, it raises the question: "How much is the Bitcoin technological ecosystem worth when it comes to valuing Bitcoin?"


Cathie Wood of Ark Invest has come close to addressing this in her focus on Bitcoin's primary use cases. In Ark Invest's 2023 "Big Ideas" report, she highlighted roles Bitcoin could play, such as in the remittances market. If Bitcoin's role in cross-border remittances grows, its valuation could increase.


Another approach is to look at the new products and services emerging within the Bitcoin ecosystem. For example, Lightning Labs, known for its Lightning Network, is working on integrating stablecoins and tokenized assets into the Bitcoin blockchain. Similarly, Strike is introducing new Bitcoin payment options globally. These innovations enhance Bitcoin's value by boosting its adoption worldwide.


 Is Bitcoin Really Going to $1 Million?


When valuing Bitcoin, the focus should be on mainstream adoption. This means assessing what the Bitcoin ecosystem is doing to make Bitcoin more useful in everyday life. "Utility" involves more than just people buying Bitcoin ETFs; it means using Bitcoin within a decentralized financial system that empowers individuals, reduces fees, and lowers entry barriers.


Jack Dorsey understands the importance of community and collaboration for the success and mainstream adoption of any new technology. While I am skeptical that Bitcoin will hit $1 million by 2030, I believe it is currently undervalued at its price of $63,000. This is because many investors see Bitcoin primarily as a financial asset, not as a transformative digital technology.


 Should You Invest in Bitcoin Now?


Before investing in Bitcoin, consider this: The Motley Fool Stock Advisor team has identified what they believe are the 10 best stocks for investors to buy now, and Bitcoin wasn’t one of them. These 10 stocks have the potential for significant returns in the coming years.


For example, if you had invested $1,000 in Nvidia when it was recommended by Stock Advisor on April 15, 2005, you would have $566,624 today. The Stock Advisor service provides a blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month, significantly outperforming the S&P 500 over time.

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