ARK Invest Predicts Bitcoin ($BTC) Price Could Top $1.4 Million Over Strengthening Long-Term Opportunity

Catherine Wood’s ARK Investment Management LCC (aka ARK Invest), has revealed that Bitcoin’s price could rise to $1.4 million per coin in future based on their bullish case. This is because the cryptocurrency’s long-term opportunity for strengthening’.

The investment firm published a long report on “Big Ideas 2023”, where it noted that Bitcoin’s features have not changed. $BTC is still censorship, seizure, and inflation-resistant, auditable, transparent, and continues growing.

According to the report by the firm, Bitcoin’s network transferred $38.7 trillion worth of value last year. This represents more than 30% of its total $105.3 trillion in cumulative value since its inception. Bitcoin’s total addresses now exceed 1.1 billion and miner revenue has topped $47billion cumulatively.

The firm stated that Bitcoin’s decline from its $69,000 high was the fifth largest and longest in history. However, it pointed out that the most popular cryptocurrency has ‘outperformed all major asset classes over longer time periods’. BTC’s 5-year Compound annual Growth Rate (CAGR), was 272%, as compared to global equities 6.1% and gold 2.2%.

According to ARK Invest’s report Bitcoin’s fundamentals have improved over past drawdowns. Bitcoin’s hashrate is now at over 260 exahashes per sec and its supply was above 66.5% when it last moved. The Lightning Network’s layer-2 solution, which has a capacity of 4,700 $BTC, also shows that Bitcoin’s fundamentals are stronger than ever.

According to the report, Bitcoin traders who lost money last year reached an all-time high as $BTC owners suffered losses of approximately $200 billion. It adds, however, that BTC holders are still able to be long-term focused despite the market fear caused by the collapse of many major entities.

According to the firm, Bitcoin is now “likely” to grow into a multi-trillion-dollar market. ARK Invest’s predictions are based on $BTC’s penetration rate in several use scenarios, including as a corporate treasury asset, a remittance assets, nation-state treasury and an emerging market currency. It also considers the asset’s seizure resistance asset, institutional investment, digital gold, and an economic settlement network. ARK Invest believes Bitcoin will reach $1.48 Million by 2030 in its bulliest case.

Bitcoin trades at $23,000 per coin at the time this article was written. This is after it had its best January in 2013 during which it rallied well above 40%, outperforming both the stock market as well as gold.

CryptoGlobe reported that Willy Woo, a highly respected and well-respected on-chain Bitcoin analyst, recently stated that the recent rally coincides with a new pattern of stablecoins flowing into Exchanges during work hours only. It seems to me that this is the heat signature of large institutional buyers. ‘