Bitcoin holders and miners have been selling aggressively in 2022 as the Federal Reserve has sharply tightened monetary policy and pushed investors away from riskier assets such as cryptocurrencies.
However, ARK’s cryptocurrency analyst Elmandjra said on Tuesday that there is still a significant opportunity for Bitcoin, reiterating the firm’s view that the price of Bitcoin will exceed $1 million per coin in the years ahead.
When we look at Bitcoin’s potential, we divide it by its uses, from a digital competitor as a store of value, to a settlement network, to insurance against arbitrary seizure of assets, he explained. When you stack up each use one by one, you find a roughly $28 trillion opportunity, which translates to over $1 million per Bitcoin.