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Investment management firm Ark Invest said bitcoin “is likely to develop into a multi-trillion dollar market.” In its new report, the company offers three bitcoin price predictions, including a bull case where bitcoin could rise to $1.48 million per coin. Ark Invest CEO Cathie Wood sees bitcoin as “everyone’s insurance policy against the confiscation of wealth.”
Ark Invest: Bitcoin Price Could Reach $1.48 Million
Ark Investment Management (Ark Invest) published its annual Big Ideas 2023 last week. The report “highlights the technological breakthroughs that are evolving today and creating the potential for super-exponential growth tomorrow,” explains Ark Invest analyst. Topics covered in the report include artificial intelligence (AI), digital wallets, public blockchains, bitcoin, and smart contract networks.
Regarding bitcoin, analyst Ark Invest writes:
We believe Bitcoin’s long-term opportunities are getting stronger. Despite a tumultuous year, Bitcoin has not skipped a beat. The network fundamentals have strengthened and its shareholder base has become more long-term focused.
They emphasized: “The contagion caused by centralized peer-to-peer has enhanced Bitcoin’s value proposition: decentralization, auditability, and transparency.”
The investment management firm provided three different price predictions for bitcoin in this year’s Big Ideas report, rather than the single prediction offered the previous year. The “bear case” prediction puts BTC at $258,500 by 2030 while the “bull case” prediction sees the price of the cryptocurrency reach $1.48 million per coin. The company also offers a “base case” price target for BTC of $682,800, using the assumptions it deems most likely to occur.
Ark Invest CEO Cathie Wood has been a longtime advocate of bitcoin. He explained in an interview with Bloomberg last week why he and his investment firm remain optimistic about the future prospects for the biggest cryptocurrencies.
“In the last three years, the fiscal and monetary response to Covid in many countries has resulted in hyperinflation and a physical crisis. We see protests and riots everywhere,” he explained. “Well, where do these people go to get insurance policies against an explosion in their purchasing power and wealth? … It’s in something like bitcoin. Ark Invest executives explained:
Bitcoin is an insurance policy, and it is an insurance policy for everyone against confiscation of wealth.
Do you agree with Ark Invest and its CEO Cathie Wood on bitcoin? Let us know in the comments section below.
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