Investment management firm Ark Invest says bitcoin is likely to “scale into a multi-billion dollar market.” In its new report, the firm offers three bitcoin price predictions, including a bullish case in which bitcoin could rise to $1.48 million per coin. Ark Invest CEO Cathie Wood sees Bitcoin as “an insurance policy for everyone against confiscation of wealth.”
Ark Invest: Bitcoin Price Could Hit $1.48 Million
Ark Investment Management (Ark Invest) released its annual Big Ideas 2023 last week. The report “highlights technological advances that are evolving today and creating the potential for super-exponential growth tomorrow,” analysts at Ark Invest explained. Topics discussed in the report include artificial intelligence (AI), digital wallets, public blockchains, bitcoin, and smart contract networks.
Regarding bitcoin, Ark Invest analysts wrote:
We believe that the long-term opportunity for Bitcoin is strengthening. Despite a turbulent year, Bitcoin hasn’t missed a beat. Their network fundamentals have been strengthened and their headline base has become more focused on the long term.
They emphasized: “The contagion caused by centralized counterparties has elevated Bitcoin’s value propositions: decentralization, auditability, and transparency.”
The investment management firm provided three different price predictions for bitcoin in this year’s Big Ideas report, rather than a single prediction offered the year before. The prediction of the “case of the bear” puts BTC to $258,500 by 2030, while the “bull case” prediction sees the cryptocurrency price hit $1.48 million per coin. The company also offered a “base case” price target for BTC of $682,800, using the assumptions considered most likely to occur.
Ark Invest CEO Cathie Wood has long been a supporter of bitcoin. She explained in an interview with Bloomberg last week why she and her investment firm remain optimistic about the future prospects of the largest cryptocurrency.
“In the last three years, the fiscal and monetary responses to Covid in many countries are causing hyperinflation and physical crises. We are seeing protests and riots everywhere,” he described. “Well, where do these people go to get an insurance policy against an implosion in their purchasing power and wealth? … It’s in something like bitcoin.” The Ark Invest executive elaborated:
Bitcoin is an insurance policy, and it is an insurance policy for everyone against the confiscation of wealth.
Do you agree with Ark Invest and CEO Cathie Wood on bitcoin? Let us know in the comments section.
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