Ark Invest forecasts bitcoin could reach $2.4 million by 2030, reflecting a bullish trend. This jump comes after Bitcoin crossed $94,000, increasing from $87,000. Ark’s projections consider long-held coins and institutional investment, while corporate entities continue to invest heavily in Bitcoin. Metaplanet and Saylor’s Strategy are among companies increasing their Bitcoin holdings.
Ark Invest, known for its bullish outlook on new technologies, has launched some eye-catching predictions for bitcoin’s future. Following an impressive week for the cryptocurrency, Ark is now projecting a price target as high as $2.4 million by 2030. This comes on the back of bitcoin recently breaking the $94,000 mark, a significant jump from around $87,000 earlier in the week. Remarkably, this is the first time bitcoin has reached this level since early March.
Catherine Wood’s investment firm, Ark Invest, revised its price forecasts for bitcoin using a model that assumes many bitcoins lost or held long term may ultimately not be available in the long run. The previous projection of $1.5 million for a bull market scenario has now jumped to this staggering amount. Interestingly, even under a bear market scenario, Ark’s model estimates that bitcoin could reach $500,000 by 2030. It’s quite a leap, especially given that the all-time high for bitcoin is just above $109,000.
To put this into context, just five years ago, bitcoin was trading at approximately $9,000. So, it’s already seen a tenfold increase, but in order to reach the projected $2.4 million, it would need to increase over 20 times within the next five years. This raises questions about market dynamics, as Ark analyst David Puell emphasised the role of digital gold in their bear and base cases, while highlighting institutional investments driving their bullish predictions.
In a broader context, corporate interest in bitcoin remains strong. For instance, Metaplanet, a Japanese firm, has recently added 145 bitcoins to its treasury, bringing their total to an impressive 5,000. Additionally, Michael Saylor’s firm, Strategy, had a significant boost this week with an addition of 6,556 bitcoins, raising their total holdings to 538,200.
In a further testament to the growing corporate enthusiasm, Twenty One, a new entity backed by Tether, SoftBank Group, and Strike CEO Jack Mallers, announced a launch with 42,000 bitcoins. This positions them as the third-largest corporate holder of Bitcoin, following Strategy and MARA Holdings. They hope to offer what they describe as a more capital-efficient vehicle for investors seeking bitcoin exposure in comparison to Saylor’s company.
With these kinds of developments, and Ark’s bold projections, the future of bitcoin is surely a topic worth watching closely.
