Investment management outfit Ark Invest believes that bitcoin is likely to “scale into a multi-billion dollar market.” In its latest report, the firm provides three bitcoin value predictions and a bullish scenario wherein bitcoin could reach $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 Reach $1.48 Million
Ark Investment Management (Ark Invest) released its annual Big Ideas 2023 last week. The report “highlights technological advances that are developing today and creating the potential for super-exponential growth tomorrow,” according to analysts at Ark Invest. Topics covered by the report include artificial intelligence (AI), smart contract networks, digital wallets, public blockchains, bitcoin, and public blockchains.
Regarding bitcoin, Ark Invest analysts wrote:
The long-term outlook for Bitcoin is strengthening. Despite a tumultuous 12 months Bitcoin has not missed a beat. Their community foundations have been strengthened and their focus has become more oriented towards the long term.
They emphasised: “The contagion caused by centralized counterparties has elevated Bitcoin’s value propositions: decentralization, auditability, and transparency.”
The investment management firm provided three different bitcoin value predictions this year. Rather than a single prediction offered the previous year. The “bear case” predicts BTC will reach $258,500 by 2030; the “bull case” prediction is that the cryptocurrency’s value will exceed $1.48 million per coin; and the “base case” BTC price target of $682,800 uses what assumptions are deemed most likely.
Ark Invest CEO Cathie Wood has been a long-time proponent of bitcoin. She shared with Bloomberg last week why she and her firm remain optimistic about the future prospects for the leading cryptocurrency.
“In the last three years, the fiscal and monetary responses to Covid in many countries are causing hyperinflation and economic crises. We are seeing protests and riots everywhere,” she commented. “So, 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 continued:
Bitcoin is an insurance policy that covers all aspects of the confiscation and preservation of wealth.
Do You concur with what Ark Invest CEO Cathie Wood said? What is your
