Bitcoin ($BTC) price could top $1 million by 2030, Ark Invest analyst says

Yassine Elmandjra, an analyst at Ark Investment Management, has defended the firm’s prediction that the price of flagship cryptocurrency Bitcoin ($BTC) will top $1 million in the future.

During an interview with Bloomberg, Elmandjra defended a price prediction made by the fund manager of Ark’s flagship innovation-themed exchange-traded funds ($ETFs), Cathie Wood, that BTC would top $1 million by 2030.

While the price of BTC and other risk assets have plummeted in recent months, the US Federal Reserve and other central banks are raising interest rates in an attempt to tame inflation. Elmandjra said there is still significant opportunity in investing in BTC, as it has a number of potential use cases.

The analyst said:

When we look at Bitcoin’s potential, we segment it across multiple use cases—everything from it competing as a digital store of value, to a settlement network, to insurance against arbitrary asset seizure. When you stack each use case on top of each other, you arrive at an opportunity of about $28 trillion, which equates to more than a million dollars per Bitcoin.

Despite the analyst’s comments, Ark Investment Management recently ceased to be the third-largest shareholder in Nasdaq-listed cryptocurrency exchange Coinbase, as it sold over 1.41 million COIN shares over the summer, worth $75 million at the time, over a US Securities and Exchange Commission (SEC) investigation.

Ark’s $7.1 billion Innovation ETF has not had a favorable year, falling more than 60% so far this year, compared with the S&P 500’s 24% decline. Nevertheless, the analyst remains positive about the flagship cryptocurrency.

Per Elmandjra, who sees BTC as a “strategic asset, non-sovereign, censorship-resistant money, competing against central banks and fiat currencies,” it is in an “arms race” to be an asset independent of the traditional financial system.

Bitcoin’s adoption has been on the rise. As CryptoGlobe reported, BNY Mellon has announced that its Digital Asset Custody platform has gone live in the US with “select customers” now able to hold and transfer Bitcoin ($BTC) and Ethereum ($ETH).

BNY Mellon is America’s oldest bank, having been founded in 1784. It has more than $2.4 trillion in assets under management.

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