Cathie Wood’s ARK Invest Puts Bitcoin At $1 Million By 2030
Investment firm ARK Invest has revealed its bullish outlook for bitcoin. It’s not the first time the company has taken such an optimistic stance on its digital assets. But it is the first time that it puts the price of the cryptocurrency at such a high price level. This comes after the recent market crash where bitcoin lost about 50% of its all-time high, but this hasn’t stopped the company from seeing a largely successful future for the digital asset.
Bitcoin for $1 million
The investment firm’s latest forecast came recently in a published report who had a particularly promising prospect for the blockchain and the technologies surrounding it. This included the application of public blockchains, of which the report pointed out that bitcoin was the “most profound application” of these.
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As for the value of bitcoin itself, the points raised in the report closely matched those of its leading figure, Cathie Wood. Wood had earlier said that she believed the price of bitcoin would hit $500,000 in the next five years, propelled by institutional investors moving just 5% of their portfolios to the digital asset. The report suggested they believed this number would double in the next half-decade, bringing the price to $1 million by 2030.
BTC Resume New Downtrend | Source: BTCUSD on TradingView.com
Citing market research conducted by the company, it estimated bitcoin’s growth rate at 25-fold over the next decade, and said the digital asset had significant appreciation potential over this period.
“According to our research, Bitcoin’s market cap could scale more than 25-fold over the next decade, worth more than $1 million each,” the report said.
Where does Ethereum end up?
Bitcoin was not the only digital asset to receive high praise and positive outlook in this report. As mentioned above, the report’s stance on the market in general was shiny and Ethereal was no different in this regard.
Ethereum, one of the fastest growing crypto projects, has been put forward as a worthwhile investment option in the future and ARK Invest does not disagree. It put the second largest cryptocurrency by market cap at a market cap of a staggering $20 trillion by 2030.
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Given that this time frame is less than ten years away, that means the digital asset would need to grow at least 7,000 times from its current market value to reach this valuation. However, ARK Invest remains confident in the digital asset’s ability to value due to its dominance over the financial services that exist on the blockchain.
If ethereum reaches the market cap of $20 trillion, the asset’s value would rise to about $170,000 – $180,000 apiece. Still less than half of the company’s projected valuation of bitcoin, but a growth rate that would rival even the best of the best in any financial market.
Featured image from Blockchain News, chart from TradingView.com