2022-01-31 11:30:15
Ark Investment Management (Ark Invest) has predicted that the price of bitcoin could surpass $1 million per coin by 2030. “Our research suggests that bitcoin has the potential to transform monetary history by providing financial freedom and empowerment in a fair, global, and distributed way,” Ark’s analyst added.
Bitcoin’s Million Prediction by Ark Invest
In Ark Invest’s “Big Ideas 2022” report published last week, the firm’s analyst Yassine Elmandjra explained that “As bitcoin’s market capitalization hit an all-time high in 2021, Ark’s research indicated that its network fundamentals remained healthy.”
Noting that “Bitcoin’s market capitalization still represents a fraction of global assets and is likely to scale as nation-states adopt [it] as legal tender,” the analyst detailed:
According to our estimates, the price of one bitcoin could exceed $1 million by 2030.
El Salvador adopted BTC as legal tender alongside the U.S. dollar in September last year. The Salvadoran president, Nayib Bukele, has predicted that bitcoin will be legal tender in two more countries this year. Devere Group’s CEO expects three countries to do so while Bitmex’s CEO said five countries will. Meanwhile, Fidelity said that it “wouldn’t be surprised to see other sovereign nation states acquire bitcoin in 2022 and perhaps even see a central bank make an acquisition.”
The Ark report also cites network upgrades and growing adoption by institutions as some of the reasons for the price of the cryptocurrency to soar. In addition, the firm said that bitcoin mining will encourage and generate cleaner solutions. The analyst further wrote:
Our research suggests that bitcoin has the potential to transform monetary history by providing financial freedom and empowerment in a fair, global, and distributed way.
In addition, the Ark Invest report describes: “Public blockchains are powering novel forms of coordination across money, finance, and the internet. By decentralizing institutions with open-source software, blockchain technology minimizes the need to trust centralized authorities.” Ark’s analysts, including Elmandjra, concluded:
We believe bitcoin is the most profound application of public blockchains, the foundation of ‘self-sovereign’ digital money.
“The Bitcoin protocol has enabled two other revolutions: the financial (defi) and internet (Web3) revolutions,” they emphasized.
Do you agree with Ark Invest’s bitcoin price prediction? Let us know in the comments section below.
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