Could the statements of Twitter's founder become a catalyst for Bitcoin to surge to a million dollars?

Jack Dorsey, the founder of Twitter and CEO of Block, recently warned investors that discretionary spending by consumers is weakening, which could indirectly benefit Bitcoin (BTC).

Dorsey is often referred to as the "Steve Jobs of the digital age". The payment platform he founded, Cash App, was the first to launch an innovative service for purchasing Bitcoin with a credit card back in 2019, becoming a pioneer in the cryptocurrency payment field. This innovative model has attracted widespread market attention and is also the main reason for the recent sensation caused by Strategy on Wall Street.

Today, Square has been renamed Block, and its stock price plummeted by 20% in early May. Dorsey pointed out that consumers' economic strength is under pressure, and while this is detrimental to Block, it could be a significant factor in pushing Bitcoin prices to break the $1 million mark.

After the release of the Block financial report, Dorsey pointed out that despite the resilience in essential spending, the overall weakness in consumption is still the main reason for the performance not meeting expectations. This has led to the first quarterly contraction in the U.S. economy in three years. If this trend continues, it may trigger the Federal Reserve to cut interest rates to stimulate economic recovery.

According to a CNBC survey, the possibility of central banks cutting interest rates has increased amid economic uncertainty. As predicted by Dorsey, this could potentially drive up the price of Bitcoin again.

Looking back at history, during the Federal Reserve's interest rate cuts in 2007-2008, Bitcoin was just starting out. The subsequent low interest rate environment caused its price to soar to $20,000 in December 2017, followed by a collapse due to interest rate hikes.

After the Federal Reserve cut interest rates in 2020, the price of Bitcoin rebounded again, reaching $69,000 in November 2021. Today, even with the Federal Reserve refusing to cut interest rates, the price of BTC remains stable above $100,000.

Although history does not repeat itself simply, under the game of the Federal Reserve's policies and market sentiment, whether Bitcoin can continue its legend will be answered by time.

In summary, with the continued warming of market expectations, people can't help but start re-examining whether Dorsey's disruptive prophecy is gradually becoming reality.

Do you agree with Dorsey's "Million Dollar Bitcoin" prediction? If the Federal Reserve cuts interest rates, will BTC break its previous high or face new challenges?

#比特币 # Jack Dorsey #Block财报 # Federal Reserve cuts interest rates