Even if the price of Bitcoin fight in the lowest level in many months, Cathie Wood’s Ark Invest has made more extravagant predictions about the future value of the world’s largest cryptocurrency.
The American investment management firm believes that Bitcoin could rise more than 26 times from its current price of $38k, to the point where a single BTC would be valued at over $1 million.
In a recent report, Ark Invest outlined a defense for Bitcoin reaching a value of $1.36 million per unit by 2030. According to the investment firm, by 2030, the market capitalization of Bitcoin will be worth $1.36 million per unit. Bitcoin could go up to $28.5 trillion.
Here’s Why Bitcoin Could Go Up
In it”Big idea 2022Reportedly, Ark Invest argues that Bitcoin’s market capitalization is likely to expand as more countries move to adopt it as a legal tender. Ark Invest larger list institutional participation and further development of the network itself are the factors that can propel the growth of Bitcoin to unimaginable heights.
According to research conducted by the company, Bitcoin’s cumulative transfer volume has grown by 463% in 2021, and its annual payment volume has surpassed Visa’s annual payment volume.
The investment firm added that upgrading to Taproot and improving the Lightning Network could incentivize wider Bitcoin use, thereby increasing its stake in the global market.
The fund also added that most Bitcoin investors have matured in their attitudes towards the market and now hold their assets for long-term gain, rather than short-term speculation. Ark Invest reached this conclusion on the basis that 13.5 million bitcoins had not been moved for more than 155 days.
Why should you care?
Support from investors seems to validate various predictions made around Bitcoin’s use cases that its value could increase over time.