Ark Invest Expects Bitcoin To Become A Multi-Trillion Dollar Market – Predicts BTC Price Could Hit $1.48 Million – Markets and Prices
Investment management firm Ark Invest says that Bitcoin “will likely scale into a multi-trillion dollar market.” In its new report, the company offers three Bitcoin price predictions, including a bull case that could see Bitcoin rally to $1.48 million per coin. Ark Invest CEO Cathie Wood sees Bitcoin as “an insurance policy for everyone against confiscation of assets.”
Ark Invest: Bitcoin price could reach $1.48 million
Ark Investment Management (Ark Invest) released its annual Big Ideas 2023 last week. The report “highlights the technological breakthroughs that are developing today and creating the potential for super-exponential growth tomorrow,” explained Ark Invest analysts. Topics covered in the report include artificial intelligence (AI), digital wallets, public blockchains, bitcoin, and smart contract networks.
Regarding Bitcoin, Ark Invest analysts wrote:
We believe Bitcoin’s long-term odds are strengthening. Despite a tumultuous year, Bitcoin hasn’t missed a beat. Its network fundamentals have strengthened and its ownership base is more long-term oriented.
They emphasized, “The contagion caused by centralized counterparties has enhanced Bitcoin’s value propositions: decentralization, auditability, and transparency.”
The investment management company provided three different Bitcoin price predictions in this year’s Big Ideas report, rather than just one forecast, which was offered in the previous year. The bear case forecast sees BTC at $258,500 by 2030, while the bull case forecast sees the price of the cryptocurrency valued at $1.48 million per coin. The company bot also provided a “base case” price target for BTC of $682,800, using what are considered the most likely assumptions.
Ark Invest CEO Cathie Wood has long been a proponent of Bitcoin. She explained in an interview with Bloomberg last week why she and her investment firm remain optimistic about the future prospects for the largest cryptocurrency.
“Over the past three years, the fiscal and monetary responses to Covid have led to hyperinflation and physical crises in many countries. We see protests and riots everywhere,” she described. “Now where do these people go to insure themselves against an implosion of their purchasing power and wealth? … It’s sort of like bitcoin.” The Ark Invest executive elaborated:
Bitcoin is an insurance policy, and it is an insurance policy for everyone against confiscation of assets.
Do you agree with Ark Invest and its CEO Cathie Wood on Bitcoin? Let us know in the comment section below.
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Source: Crypto News Deutsch
