Here’s Why ARK Invest Analyst Maintains Bitcoin at $1 Million Prediction

Yassine Elmandjra – analyst at ARK Invest – believes that the valuation of bitcoin could skyrocket above 1 million dollars per coin in the following years.

Earlier in 2022, a research team from the company estimated that the market capitalization of the primary cryptocurrency could reach $28.5 trillion by 2030.

Bullish prediction despite the bear market

Bitcoin and the broader cryptocurrency market have seen better days. Over the past few months, the leading digital asset has lost a significant portion of its valuation, while investors seem less enthusiastic about entering the ecosystem due to the ongoing negative macroeconomic situation.

And while many companies and individuals are predicting a dire future for BTC, albeit in the short term, ARK Invest remains overly positive.

In a recent interview for Bloomberg, Yassine Elmandjra – an analyst at the organization – outlined the cryptocurrency’s benefits, including its ability to serve as a store of value, conduct settlements and act as insurance.

With these benefits in mind, he said the market cap has a chance to reach $28 trillion, “which equates to more than a million dollars per bitcoin.”

He also outlined Bitcoin’s limited supply limit of 21 million coins and its decentralized nature that allows it to compete against central banks and fiat currencies.

“I think there is an arms race – especially as we shift from the digital to the physical world – to be an asset independent of the traditional financial systems and traditional asset classes,” he concluded.

His current statement is in direct continuation and supports the company’s previous prediction that BTC could reach $1.36 million per coin by 2030.

Michael Saylor has a similar vision

Michael Saylor – executive chairman and former CEO of MicroStrategy – also believes that the cryptocurrency could reach $1 million.

In May of this year, the American entrepreneur claimed that BTC does not have a price target, and expected it to rise “into millions.”

A month later, Saylor praised it as the best financial instrument in terms of adoption levels and investor protection. He also claimed that bitcoin is “obviously better than gold and everything that gold wants to be”, while its use cases will lead to a huge price increase in the foreseeable future.