ARK Invest, a billion-dollar asset manager, has updated its price targets for Bitcoin, raising the 'bull case' to $2.4 million by 2030, due to increasing institutional investments and Bitcoin's recognition as 'digital gold.'
New Projections from ARK Invest
ARK's new price target for the 'bull case' of Bitcoin is now set at $2.4 million by the end of 2030. The 'bear' and 'base' case targets have also been revised to $500,000 and $1.2 million, respectively. This change was noted by ARK research analyst David Puell.
Factors Influencing Price Growth
Puell identified three main factors contributing to price growth: institutional investment, acceptance of Bitcoin as 'digital gold,' and its use as a safe haven in emerging markets. He estimated that Bitcoin could capture up to 60% of gold's $18 trillion market capitalization by the end of 2030.
Market and Economic Implications
If Bitcoin reaches a price of $2.4 million, it would mean a market capitalization of $49.2 trillion. This valuation is nearly equal to the combined gross domestic products of the U.S. and China, placing Bitcoin in a competitive position against gold as the world's largest asset.
ARK Invest's forecasts once again highlight Bitcoin's potential as an investment asset, emphasizing the ongoing growth of institutional investments and its recognition as a reliable store of value.
