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Investment management firm Ark Invest says bitcoin is “likely to scale into a multi-trillion dollar market.” In its new report, the firm 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 “an insurance policy for everyone against confiscation of wealth.”
Ark Investment Management (Ark Invest) published its annual Big Ideas 2023 last week. The report “highlights the technological breakthroughs developing today and creating the potential for super-exponential growth tomorrow,” Ark Invest’s analysts explained. The topics discussed in the report include artificial intelligence (AI), digital wallets, public blockchains, bitcoin and smart contract networks.
Regarding bitcoin, the Ark Invest analysts wrote:
We believe Bitcoin’s long-term opportunity is strengthening. Despite a turbulent year, Bitcoin hasn’t skipped a beat. The fundamentals of the network have strengthened and the holder base has become more long-term focused.
They emphasized: “Contagion caused by centralized counterparties has elevated Bitcoin’s value proposition: decentralization, auditability and transparency.”
The investment management company provided three different price predictions for bitcoin in this year’s Big Ideas report, instead of 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 reaching $1.48 million per coin. The firm also offered a “base case” price target for BTC of $682,800, using the assumptions deemed most likely.
Ark Invest CEO Cathie Wood has long been a supporter of bitcoin. She explained in an interview with Bloomberg last week why she and her investment firm remain positive about the future prospects of the largest cryptocurrency.
“In the last three years, the fiscal and monetary responses to Covid in many countries have caused hyperinflation and physical crises. We see protests and riots everywhere,” she described. “Well, where do these people go to get insurance against an implosion in their purchasing power and wealth? … It’s in something like bitcoin.” The Ark Invest manager elaborated:
Bitcoin is insurance, and it’s insurance for everyone against confiscation of assets.
Do you agree with Ark Invest and CEO Cathie Wood about bitcoin? Let us know in the comments section below.
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