ARK InvestBitcoin (BTC) NewsBusiness and FinanceCathie WoodCrypto
- Cathie Wood’s Ark Invest recently released its Big Ideas report.
- The report delved into various aspects of public blockchains and digital wallets, among other things.
- The asset manager believes that Bitcoin could be worth more than $1 million by 2030.
- Public blockchains were presented as the future of money and contracts.
Ark Invest, the American asset management firm launched by Cathie Wood, presented its take on the future of finance and blockchain technology in its Big Ideas 2023 report. Aside from crypto, the report discussed various exciting technologies, including Molecular Diagnostics, Artificial Intelligence, and the technological convergence of Public Blockchains with other fields that could put the platforms on the road to a $200 trillion valuation by the end of the decade.
Bitcoin Is Likely To Scale Into A Multi-Trillion Dollar Market
Cathie Wood has been vocal in her support for Bitcoin. The recent downturn in the crypto market failed to deter her confidence in the flagship cryptocurrency. The report by her firm stated that the crypto winter elevated Bitcoin’s value propositions as a decentralized alternative, by shedding a light on the role of centralized counterparties in the crypto contagion.
We believe Bitcoin’s long-term opportunity is strengthening. Despite a turbulent year, Bitcoin has not skipped a beat. Its network fundamentals have strengthened and its holder base has become more long-term focused.”
According to the report, the current fundamentals of BTC are stronger than they were during the past drawdowns. Data gathered by Ark Invest indicated that BTC holders are more long-term focused today than at any point in history. The firm’s research estimated that the price of one bitcoin could exceed $1 million by 2030. The bear case puts 2030’s price target at $258,500 for 1 BTC. The base case presented a target of $682,800. The most optimistic estimation, i.e. the bull case, valued BTC at $1.48 million by the end of the decade.
The report also took a closer look at the role of public blockchains in the future of finance and related technologies. Ark Invest believes that large-scale adoption of blockchain tech will eventually prompt all money and contracts to migrate onto public blockchains that enable and verify digital scarcity and proof of ownership.
Source : Ethereum World News
