ARK Invest Predicts Bitcoin Could Hit $1M By 2030

Bitcoin ($BTC) could hit $1 million by 2030, while by then Ethereum’s ether ($ETH) could reach $180,000, according to ARK Investment Management, an American investment firm with $23.9 billion in assets under management led by star fund manager Cathie Wood. In a research report titled Big Ideas 2022, The U.S based investment firm said that bitcoin’s global usage is still in its early days and they also predicted that it will gain market share as a global settlement network. According to ARK’s analysis, BTC’s total transfer volume increased by 463 % last year, and its yearly settlement volume exceeded Visa’s annual payments volume. The Lightning Network and Taproot are supporting BTC’s scaling efforts and increasing its usability. Their prediction is based on the increasing adoption of digital assets. Analyst Yassine Elmandjra wrote in the report: “Bitcoin’s market capitalization still represents a fraction of global assets and is likely to scale as nation-states adopt it as legal tender. According to our estimates, the price of one Bitcoin could exceed $1 million by 2030.” ARK Invest has actively managed exchange-traded funds and plans to launch a Bitcoin ETF product in the near future. Cathie Wood, CEO of ARK Invest, believes that BTC’s scarcity will drive its price higher as usage grows. According to ARK’s report, Ethereum has value as a default currency in the decentralized finance space, for non-fungible tokens, and other E...