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One of the US leading investment firms, ARK Investment Management, has announced a prediction of the possibility of Bitcoin hitting up to $1 million and Ethereum getting up to $180,000 by the year 2030. ARK Investment has up to $23.9 billion in assets under the management of Cathie Wood.
Report and Potentials
The American-based investment company released a new report titled Big Ideas 2022 where it stated that bitcoin’s world coverage is yet at an early stage and said that it will have a larger market share as a global settlement method by 2030. Their research, according to the report, discovered that bitcoin’s total transfer volume went up by about 463% in 2021, whereas its yearly settlement volume went up above that of Visa.
ARK Investment envisages technological improvements like Taproot and the Lightning Network supporting bitcoin’s expansion efforts, which will enhance its usability more. These predictions of ARK are also based on the increasing adoption of bitcoin across the board.
Financial analyst, Elmandjra Yassine, added to the published report that the market capitalization of bitcoin is still at a minute fraction of the total world assets, and it is possible for it to scale further as countries begin to adopt it as their legal means of exchange. He said that by their estimations, the price of bitcoin may rise to and go beyond $1,000,000 by the year 2030.
It should be noted that ARK Investment does offer a lot of active exchange-traded funds and they plan to start a bitcoin exchange-traded funds service sometime in the future. Cathie Wood, the company’s Chief Executive also said that bitcoin scarcity is imminent and that is going to increase the price as its adoption also increases.
Ethereum and NFTs
For Ethereum on the other hand, the ARK report says that it has value as the go-to currency for NFT creators and collectors in the DeFi atmosphere. The report says this default acceptance state of Ethereum extends to other applications that are natively Ethereum, and these may take up a large chunk of available world financial service markets that may be as high as $123 trillion by the year 2030. With that, Ethereum may have a market capitalization of $20 trillion by 2030.
The report stated further that Ethereum may displace a lot of old financial service providers from the market, and ETH could take its place as a globally accepted means of exchange.
Considering the 120 million ETH in global circulation and the predicted one million annual coin burn, by 2030 the coin could be at 110 million in circulation which could make each one trade at $180,000.
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