New York-based investment firm Ark Invest has released its annual report, “Big Ideas 2023,” which highlights the technological advancements and growth opportunities in various fields, including artificial intelligence, digital wallets, public blockchains, bitcoin, and smart contract networks.
According to the report, Ark Invest believes that bitcoin is “likely to scale into a multi-trillion dollar market” and offers three different price predictions for the cryptocurrency. The “bear case” prediction puts the value of one bitcoin at $258,500 by 2030, the “base case” predicts $682,800 per coin, and the “bull case” sees the price reaching a staggering $1.48 million.
Ark Invest CEO Cathie Wood, who has been a long-time supporter of bitcoin, explained the reasons behind her bullish outlook in an interview with Bloomberg. She believes that due to the recent fiscal and monetary responses to the Covid-19 pandemic, which have caused hyperinflation and physical crises in many countries, people are seeking an “insurance policy” against the confiscation of their wealth. Wood considers bitcoin to be that insurance policy, offering decentralization, auditability, and transparency.
The investment firm highlighted that despite a tumultuous year, bitcoin’s network fundamentals have only grown stronger and its holder base has become more focused on long-term investments. The report emphasized that the recent contagion caused by centralized counterparties has only elevated bitcoin’s value proposition.
Ark Invest is bullish about the future of bitcoin and believes that it will become a multitrillion-dollar market. The investment firm’s positive outlook on the cryptocurrency adds to the growing consensus among financial experts and institutions that bitcoin is here to stay and has a bright future ahead.