Cathie Wood’s ARK Invest Predicts Bitcoin To Hit $1 Million By 2030

ARK Investment Management, the firm led by Cathie Wood, has issued a fresh prediction that Bitcoin value could exceed $1 million by 2030.

ARK analyst Yassine Elmandjra writes in the firm’s latest outlook report “Big Ideas 2022:”

“Bitcoin’s market capitalization still represents a fraction of global assets and is likely to scale as nation-states adopt [BTC] as legal tender.”

Elmandjra also tweeted a series of graphs from the report.

The price of a single bitcoin could exceed $1 million by 2030.

We are still early. pic.twitter.com/rvja2h2vi5

— Yassine Elmandjra (@yassineARK) January 25, 2022

ARK also pointed out in the report that the leading cryptocurrency is taking market share as a global settlement network. Bitcoin’s cumulative transfer volume increased by 463% in 2021, and its annual settlement volume has surpassed Visa’s annual payments volume, the report highlights.

There are also technological advancements including, the Taproot upgrade and Lightning Network, which could be catalysts for bitcoin scalability.

Not to forget that institutional ownership of bitcoin is likely to grow very soon, according to ARK.

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