Investment firm ARK Invest has revealed its bullish outlook on bitcoin. This is not the first time the firm has taken such an optimistic stance on the digital asset. But it is the first time the cryptocurrency's price has been placed at such a high level. This comes after the recent market crash that caused Bitcoin to lose 50% of its all-time high value, but that hasn't stopped the firm from seeing a future of big success for the digital asset.
1 million dollars in bitcoin
The investment firm's latest prediction comes from a recently released report that holds a particularly promising outlook for blockchain and its related technologies. This includes public blockchain applications, of which the report cites bitcoin as the "most profound application.
The views expressed in the report regarding the value of bitcoin itself are closely related to those of its leader, Cathie Wood. Wood had earlier stated that she believes the price of bitcoin will reach the $500,000 mark within the next five years, thanks to institutional investors shifting 5% of their portfolios into digital assets. The report suggests that they believe this number will double over the next five years, putting its price at $1 million by 2030.
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Citing market research conducted by the company, it sees Bitcoin growing 25 times over the next decade, saying the digital asset has huge potential to appreciate in value over that period.
"According to our research, Bitcoin's market cap could expand more than 25 times over the next decade to a value of more than $1 million each," the report reads.
Where does Ether end?
Bitcoin is not the only digital asset to receive favorable reviews and a positive outlook in this report. As mentioned above, overall the report's stance on the market is sparkling, and Ethereal is no different in that regard.
Ether has been one of the fastest growing cryptocurrency projects and is considered a valuable investment option, something ARK Invest does not disagree with. By 2030, it is the second largest cryptocurrency by market capitalization and will reach $20 trillion.
Given that this timeframe is less than a decade away, this means that digital assets would have to grow at least 7,000 times from their current market value to reach this valuation. However, ARK Invest remains confident in the ability of digital assets to appreciate in value as it dominates the existing financial services on the blockchain.
If Ether does reach a market cap of $20 trillion, the asset's value would rise to around $170,000 to $180,000. Still less than half of the company's expected bitcoin valuation, but a growth rate comparable to even the best bitcoin in any financial market.
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