ARK Invest Predicts Bitcoin’s Price Will Hit $1 Million By 2030 - InvestingChannel

ARK Invest Predicts Bitcoin’s Price Will Hit $1 Million By 2030

Cathie Wood, the lead fund manager at %ARKInvest, predicts that the price of %Bitcoin ($BTC) will reach $1 million U.S. by 2030.

Wood made the prediction in her 2023 “Big Ideas” research report. The ARK Invest paper argues that, despite a turbulent 2022, Bitcoin’s fundamentals remain sound, and it continues to be the biggest cryptocurrency by market capitalization.

“(Bitcoin’s) network fundamentals have strengthened, and its holder base has become more long-term focused,” reads the ARK Invest report.

Wood goes on to point out that Bitcoin now has a higher hash rate, bigger long-term holder supply, and addresses with a non-zero balance compared to prior downturns in the crypto sector.

On a five-year compound annual growth rate (CAGR) basis, Bitcoin has grown an average of 272% while global equities are up by 6.1% and the price of gold has risen 2.2%, points out ARK Invest in the report.

This isn’t the first time that ARK Invest chief executive officer (CEO) Cathie Wood has made a bold prediction about Bitcoin. In May 2021, Wood forecast that Bitcoin will reach $500,000 U.S. by 2026.

ARK’s flagship %InnovationETF ($ARKK) has risen 31% to start the year. However, the fund, whose top holdings include %Block ($SQ), %Coinbase ($COIN) and %Tesla ($TSLA), is still down 48% from a year ago.

Related posts

Carl Icahn Increases His Stake In Take-Two Interactive To 10.68%

ValueWalk

iPad Mini Display Outperformed By Kindle Fire HD & Nexus 7

ValueWalk

Foxconn Might Open Manufacturing Plants In The U.S. [REPORT]

ValueWalk

Peter Cundill Protégé Tim McElvaine on Investing in Japan [VIDEO]

ValueWalk

Set Bing Home Page Image As Lock Screen In Windows 8

ValueWalk

Morning Market News: JCP, APO, MCHP, ZIP, ENR, LGF, EA, ATVI, COV, LNT

ValueWalk