Ark Invest: “Bitcoin could exceed a million dollars in 2030”

Ark Invest

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ARK Investment Management, the firm led by star manager Cathie Wood, predicts that the price of bitcoin could top $1 million by 2030 as global use of the cryptocurrency is still in its infancy.

“Bitcoin ’s market capitalization still represents a fraction of global assets and is likely to rise as nation states adopt it as legal tender,” wrote ARK analyst Yassine Elmandjra in the “Big Ideas” outlook report. 2022 from the firm, which was published on Tuesday.

ARK and BTC

Cathie Wood explains why central banks will list bitcoin on their balance sheets. ARK added in its outlook on bitcoin that the cryptocurrency is gaining market share as a global settlement network.

According to ARK research, bitcoin’s cumulative transfer volume increased 463% in 2021, and its annual settlement volume has surpassed Visa’s annual payment volume.

Technological advances, such as the Taproot and Lightning Network upgrade, can also help bitcoin scale. And institutional ownership of bitcoin will also expand, according to ARK.

Last year, Wood herself predicted that bitcoin would hit $500,000 by 2026.