ARK Invest stands by their assertion that ₿itcoin will hit $1M each by 2030! 📈=🤑💰💵

Despite a severe downturn, public blockchains continue to foster multiple revolutions; one of them is ₿itcoin, says ARK Invest in its 2023 "Big Ideas" research report.

That's why the ₿itcoin (BTC) currency, in the eyes of ARK, is still predicted to close the decade at $1 million because its fundamentals are sound – despite a turbulent 2022.

“Contagion caused by centralized counterparties has elevated ₿itcoin’s value propositions: decentralization, auditability and transparency,” ARK writes. “Its network fundamentals have strengthened and its holder base has become more long-term focused.”

ARK backs up this claim by pointing to a higher hashrate, long-term holder supply and addresses with a non-zero balance compared to the prior downturns.

Because of this fundamental soundness, ARK says, ₿itcoin continues to outperform traditional asset classes.

On a five-year CAGR basis, ₿itcoin is up an average of 272% while global equities are up by 6.1%, global debt provided a yield of 1.4% and gold is up by 2.2%.

This isn’t the first time that ARK or its CEO, Cathie Wood, have made such bold predictions on ₿itcoin’s upwards trajectory. In May 2021, Wood made her first bold price prediction during an interview on Bloomberg, predicting ₿itcoin will go to $500,000 by 2026. In early 2022, she then upped the ante to $1 million by 2030.

While Wood and ARK are known for their positions and opinions on ₿itcoin, the report also touched on smart contracts and decentralized finance.

“As the value of tokenized financial assets grows on-chain, decentralized applications and the smart contract networks that power them could generate $450 billion in annual revenue and reach $5.3 trillion in market value by 2030,” according to the Ark report.

ARK’s Innovation ETF (ARKK) is up 31% in the last month, while its Next Generation Internet ETF (ARKW) is up 32%.

ARK Invest "Big Ideas" Research Report: https://research.ark-invest.com/hubfs/1_Download_Files_ARK-Invest/Big_Ideas/ARK%20Invest_013123_Presentation_Big%20Ideas%202023_Final.pdf

READ MORE: https://www.investing.com/news/cryptocurrency-news/ark-invest-ceo-cathie-wood-predicts-btc-could-reach-1m-by-2030-2997698
and
https://www.yahoo.com/now/ark-invest-maintains-prediction-bitcoin-092711367.html
and
https://cryptoslate.com/cathie-woods-ark-invest-expects-btc-at-1m-by-2030/
and
https://www.coindesk.com/markets/2023/02/01/ark-invest-maintains-prediction-that-bitcoin-prices-will-hit-1m-by-2030/

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