One of the strongest believers in cryptocurrencies, Cathie Wood, continues to believe that the coin that started it all is poised for a significant comeback. The company that has persisted in purchasing cryptocurrency and stock in cryptocurrency startups, Cathie Wood’s ARK Investment Management, is anticipating that Bitcoin will soon reach new heights.
In a new analysis issued this week, ARK predicted that Bitcoin would rebound from its present lows to be worth $1.48 million by 2030, a bullish scenario that would see Bitcoin’s value rise by more than 6,300% in just seven years.
Here’s another update
ARK’s latest report
According to a recently released report by ARK Invest, the long-term opportunity for Bitcoin is improving. According to the research, Bitcoin’s special characteristics might give individuals an alternative to centralized financial institutions that have failed to deliver adequate economic assurances.
According to ARK Invest, two billion people experience double-digit inflation and one billion people depend on remittances while four billion people live under authoritarian governments.
ARK Invest supports Bitcoin’s use case by demonstrating that in 2022, BTC recorded $38.7 trillion in transaction volume, accounting for more than 36% of the total value transmitted since the crypto’s foundation in January 2009.
Additionally, ARK Invest identifies eight areas as potential sources of new money for Bitcoin. These include:
- corporate treasury
- remittance asset
- nation-state treasury
- developing market currency
- economic settlement network
- seizure-resistant asset
- institutional investment
- digital gold.
Price targets for Bitcoin
The number of computations per second produced by miners and a proxy for network security has risen for the past 12 years and will reach an all-time high in 2022. Therefore, the question of how high Bitcoin will go arises.
According to Ark, the digital currency would increase by 40% compound annualized from December 31, 2022, to reach $258,500 by the end of the year 2030. The base case has bitcoin increasing by 60% annually to $682,800. Bitcoin’s price of $1.48 million, a 75% annualized return, is the bullish case.
Over the past year, Bitcoin has fallen by 47%, but it has recently risen by 36% to $23,019. The report released by ARK Invest is also indicating bullish markets. The current Bitcoin price is $22,994.59, and the total market capitalization is at $443,412,447,973.12.
Written by: Qadir AK
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