Cathie Wood’s ARK Invest believes that the price of Bitcoin (BTC) could exceed $1 million in the coming years amid a strengthening global value proposition.
In a recently published report, ARK Invest says that Bitcoin’s long-term opportunity is on the up and up.
The report highlights that Bitcoin’s unique features could offer people a way out of centralized monetary systems “that have failed to provide strong economic assurances.” ARK Invest says that four billion people live under authoritarian regimes, with two billion people enduring double-digit inflation and one billion people relying on remittances.
As the monetary “revolution,” the firm says that BTC is censorship-resistant, inflation-resistant and seizure-resistant, while also being audible and transparent.
ARK Invest solidifies Bitcoin’s use case by showing that in 2022, BTC recorded $38.7 trillion in transaction volume, representing over 36% of the $105.3 trillion in total value transferred since the king crypto’s inception in January 2009.
As for the firm’s outlook on Bitcoin’s current trend, ARK Invest believes that BTC may have likely witnessed the worst of the crypto downturn last year.
“In 2022, Bitcoin holder capitulation was proportionate to that at previous cycle lows.”
Looking at Bitcoin’s long-term potential, ARK Invest presents three price targets for Bitcoin. According to the report, the firm’s bear case for BTC stands at $258,500 by 2030, with the base case at $682,800 and the bull case at $1.48 million over the same timeframe.
ARK Invest presents eight markets that could be the source of fresh capital inflows for Bitcoin including:
- corporate treasury
- remittance asset
- nation-state treasury
- emerging market currency
- economic settlement network
- seizure-resistant asset
- institutional investment
- digital gold
The hedge fund’s bear, base and bull cases depend on Bitcoin’s penetration rate for each market.
At time of writing, BTC is trading $22,889, suggesting an upside potential of over 6,365% for Bitcoin should it reach the hedge fund’s most bullish scenario.
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The post ARK Invest Details Massive $1,480,000 Bitcoin Price Target, Says BTC’s Long-Term Opportunity Is Strengthening appeared first on The Daily Hodl.
