Trading News

Cathie Wood’s Ark Invest Predicts Bitcoin Could Exceed $1M by 2030


ARK Investment Management, the firm led by star manager Cathie Wood, predicts that bitcoin’s price could exceed $1 million by 2030 as the cryptocurrency’s global usage is still only in its early days.

“Bitcoin’s market capitalization still represents a fraction of global assets and is likely to scale as nation-states adopt [it] as legal tender,” wrote ARK analyst Yassine Elmandjra in the firm’s “Big Ideas 2022” outlook report, which was released on Tuesday.

ARK added in its bitcoin outlook that the cryptocurrency is taking market share as a global settlement network. According to ARK’s research, bitcoin’s cumulative transfer volume increased by 463% in 2021, and its annual settlement volume has surpassed Visa’s annual payments volume.

Technological advancements such as the Taproot upgrade and Lightning Network may also help bitcoin to scale. And institutional ownership of bitcoin will also broaden, according to ARK.

Last year, Wood herself predicted that bitcoin would reach $500,000 by 2026.

Read more: Cathie Wood’s Ark Invest Scoops Up 2.2M Falling Robinhood Shares

Bentley to invest $3.4 billion to exclusively offer EVs by 2030

Previous article

Biden and Putin’s Ukraine crisis gets personal as the U.S. tries to deter Russian invasion

Next article

You may also like


Leave a reply

Your email address will not be published.

More in Trading News