ARK Invest predicts bitcoin to rise to $258 000 in the worst-case scenario
According to the company’s report, the base benchmark for the first cryptocurrency is $682 800 and bullish at $1,48 million
07.02.2023 - 12:50
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What’s new? Investment firm ARK Invest has published a prediction on the change in the bitcoin rate until 2030. According to the document, the bearish price benchmark for BTC is $258 500, the baseline is $682 800, and the bullish is $1,48 million. Experts believe that the asset’s long-term capabilities are on the rise, and its unique features may offer people an escape from centralized monetary systems “that have failed to provide strong economic assurances.” The report notes that four billion people live under authoritarian regimes, another two suffer from inflation and one relies on remittances from migrant workers.
What else does the report say? ARK Invest noted that BTC is resistant to censorship, inflation, and confiscation, and is also transparent. Additionally, in 2022, bitcoin transactions totaled $38,7 trillion, more than 36% of the $105,3 trillion in total value transferred since the cryptocurrency’s inception in 2009.
As for the company’s prediction for the current momentum, experts believe that BTC is likely to witness the worst decline of cryptocurrencies in 2022. “Bitcoin holder capitulation was proportionate to that at previous cycle lows,” ARK Invest explained.
The ARK Invest report presents eight areas that could be the source of capital inflows for bitcoin, including:
- Corporate treasury;
- Remittance asset;
- Nation-state treasury;
- Emerging market currency;
- Economic settlement network;
- Seizure-resistant asset;
- Institutional investment;
- Digital gold.
ARK Invest’s bear, base, and bull scenarios depend on bitcoin’s penetration rate for each market.
As of February 7, 12:50 UTC, BTC is trading at $23 019, having gained 0,43% in 24 hours, according to Binance.
Earlier, ARK Invest CEO Cathie Wood predicted that bitcoin will rise to $1 million by 2030. In January, the company’s Chief Futurist Brett Winton said that digital asset rates will have a positive trend as the development of AI technologies accelerates.
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