Ark Invest, a popular asset management company founded by American investor Cathie Wood, has predicted Bitcoin value to reach $1 million or more per BTC by 2030.
The prediction was made by the company’s in-house analyst Yassine Elmandjra in the company’s “Big Ideas 2022” outlook report revealed Tuesday. The analyst wrote:
“As bitcoin’s market capitalization hit an all-time high in 2021, ARK’s research indicated that its network fundamentals remained healthy.
Bitcoin’s market capitalization still represents a fraction of global assets and is likely to scale as nation-states adopt as legal tender. According to our estimates, the price of one bitcoin could exceed $1 million by 2030.”
The report highlighted the recent developments made in the Bitcoin network, including a multitude increase in institutional investments as well as long-term market participants. In addition, the note also pointed Bitcoin’s global share as a payments settlement network and multiple technological breakthroughs.
Ark Invest has made some massive Bitcoin price predictions. Last year, the company predicted Bitcoin to reach $500,000 by 2026. Meanwhile, the crypto market entered 2022 with a shaky start. Last weekend, Bitcoin plunged to its eight-month low at $33,000 but has since recovered to $37,000 levels.