- ARK Invest CEO believes BTC might reach $1 million by the next decade.
- The CEO, made a similar prediction about a year ago, in “Big Ideas 2022.”
- Crypto’s fundamentals and value propositions are the primary reasons for the predictions.
A recent report, “Big Ideas 2023,” made by asset management fund ARK Invest focuses on the disruptive technologies of the future. CEO Cathie Wood explained how Bitcoin (BTC) will continue to surpass any other traditional asset class.
The report revealed that, despite a severe economic decline, public blockchains are still driving multiple revolutions, with Bitcoin being one of them. ARK’s CEO predicts that BTC will end the decade at $1 million due to its strong fundamentals, despite the turbulence of 2022. The report further reads,
Its network fundamentals have strengthened and its holder base has become more long-term focused. Contagion caused by centralized counterparties has elevated Bitcoin’s value propositions: decentralization, auditability, and transparency.
The report’s fundamentals include a record hash rate, long-term holder supply, addresses with a non-zero balance, and a realized market capitalization of nearly $400 billion. When compared to other major asset classes, BTC outperforms global equities, global debt, and gold on a 3, 4, and 5-year CAGR basis.
Wood also believes that public blockchains are one of the main reasons crypto assets will rival and redefine traditional asset classes. She sees the total crypto market rising to 25 trillion by 2030. As for smart contracts, she predicts fees surging exponentially from $11 billion last year to $450 billion.
There are other instances of ARK or its CEO making bold predictions about Bitcoin’s upward trajectory. In May 2021, Wood made her initial price prediction of $500,000 by 2026 during a Bloomberg interview. Then, in “Big Ideas 2022,” she raised the estimate to $1 million by 2030.