by - According to Ark Invest, Bitcoin could reach nearly $1.5 million by 2030, a 6,326% increase from the current price.
- Bitcoin is down 65% from its record high amid a prolonged crypto bear market.
- The famous wealth manager predicted that Bitcoin will scale to a “multi-trillion dollar market,” according to a recent report.
Cathie Woods Ark Investment Management said Bitcoin could hit $1.48 million by 2030, up 6,326% from current price.
That’s under its bull-case scenario, while baseline Bitcoin hits $682,800 by then. According to Messari, the crypto is currently trading unchanged at $23,031 on Wednesday.
Ark detailed the token’s prospects in a new report that predicted that Bitcoin could “scale into a multi-trillion dollar market” by the end of the decade. Even the famous money manager’s bear case for Bitcoin is a price target of $258,500 over the next seven years, a 1,022% increase from the crypto’s current price.
The company claimed that despite a tumultuous 2022, Bitcoin’s fundamentals are solid. To back up its bold claims, the report pointed to continued institutional adoption, higher hash rates, and a long-term supply of Bitcoin to holders.
The bullish estimates come amid a severe and protracted crypto market brood. Bitcoin is down 65% from its all-time high in November 2021, with the industry’s overall market value down over 64% from its peak.
Crypto markets have been hit over the past year by inflation concerns, leaving traders with low risk appetite, along with a series of industrial bankruptcies that have caused widespread contagion. Sam Bankman-Frieds FTX, crypto fund Three Arrows Capital and centralized lender Celsius all ended up in bankruptcy court.
“The contagion brought on by centralized counterparties has enhanced Bitcoin’s value propositions: decentralization, auditability, and transparency,” the report said. “Its network fundamentals have strengthened and its ownership base is more long-term oriented.”
This isn’t the first surprise price prediction from Wood or Ark. In May 2021, Wood told Bloomberg that Bitcoin is likely to hit $500,000 in 2026.
“We think bitcoin will come out of this thing smelling like a rose,” she said after FTX’s market-moving bankruptcy filing.
Despite the drop in digital assets, Ark continues to double down on its crypto-related bets. Since the beginning of the year, Ark’s flagship exchange-traded fund, ARKK, has bought 108,548 Coinbase shares worth $6.3 million at current prices. ARKK surged 28% in January, posting its best-ever monthly performance.
