A new forecast by Cathie Wood’s ARK Invest predicts that Bitcoin (BTC) will scale into a staggering multitrillion-dollar market.
The research paper, which is spreading through crypto Twitter after being shared by Bitcoin advocate DocumentingBTC, expands on Wood’s prediction that the crypto king will have a massive price tag of at least $1 million by the end of 2030.
The report lays out three scenarios that ARK believes the top crypto asset by market cap could follow.
In its bear case, ARK Invest sees BTC with a price tag of $258,500, while the base case has the leading digital asset by market cap rising to $682,800. With 97% of Bitcoin expected to be mined at that time, those numbers would give Bitcoin a $5.3 trillion to a $13.9 trillion market cap, respectively.
The hedge fund’s most bullish case has Bitcoin shooting to a price tag of $1.48 million by December 2030.
That would place its market cap at $30.3 trillion.
The data also details the extent of BTC’s potential market penetration in the three scenarios.
The bear case has BTC see rising rates of institutional investment and utility as digital gold while the base case also has investors using BTC as a seizure-resistant asset as well as a currency for emerging markets.
The bull case further finds that BTC has other use cases, such as being used within corporate treasuries and as a widely-used remittance asset.
Bitcoin is trading for $23,549 at time of writing, a fractional dip during the last 24 hours while its current market cap sits at $456 billion.
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Source: https://dailyhodl.com/2023/02/03/bitcoin-will-likely-scale-into-20500000000000-market-according-to-staggering-ark-invest-forecast/