• Ark Investment Management, managed by Cathie Wood, has predicted that Bitcoin could hit a price of nearly $1.5 million by 2030.
• This would be a 6326% increase over its current value, though it is 65% less than its all time high.
• The prediction comes in response to a recent report, which states that Bitcoins could reach a “billion-dollar market.”

Ark Investment Management, run by Cathie Wood, recently predicted that Bitcoin could reach a value of $1.48 million by 2030. This would mean an increase of 6,326% from its current value. This prediction is a bit more conservative than the firm’s base case, which is a value of $682,800.

This prediction is based on a recent report, which states that Bitcoin could reach a “billion-dollar market” by the end of the decade. On the flip side, the firm’s bear case for Bitcoin puts the value of the cryptocurrency at $258,500 in seven years, which is still a 1,022% increase from its current worth.

Regardless of the current bearish market, the report mentions that Bitcoin’s fundamentals are still strong. It recommends continued institutional adoption, higher hash rates, and long-term Bitcoin supply.

Inflation concerns have taken a toll on markets this year, leaving merchants without food security and a host of trade bankruptcy cases. In response to this, the report states that Bitcoin’s value propositions of decentralization, auditability, and transparency have all been strengthened, with its user base shifting its focus towards the long term.

This isn’t the first time Wood has made a bold prediction about Bitcoin. In May 2021, she told Bloomberg that Bitcoin could reach $500,000 by 2026. She also commented on the FTX Chapter filing, stating that Bitcoin was “coming out of this smelling pink.”

Ark has continued to double down on its cryptocurrency-related bets, even after the slump in digital assets. Since the beginning of 2021, Ark’s ARKK, a flagship exchange-traded fund, bought 108,548 shares of Coinbase. This is currently valued at $6.3 million. ARKK experienced a 28% growth in January, reaching its highest monthly performance.