Ark Invest’s CEO Cathie Wood revealed in April this year that she thinks Bitcoin, the biggest cryptocurrency in the world, would reach $1 million by the year 2030. She’s the same notable fund manager who also predicted that Bitcoin would reach $500,000 by 2026. This came as a surprise for many but could very well be true as cryptocurrency is still in its nascent stages. It is yet to scale.
The market capitalization of Bitcoin only represents a small percentage of global assets. It is going to grow and scale even further as it is adopted by nations as a legal cryptocurrency. In accordance with ARK’s views about cryptocurrency, Bitcoin saw a 463% increase in 2021 in its cumulative transfer volume. Moreover, its annual settlement volume bypassed that of Visa, which is huge.
Bitcoin’s scalability could be driven by innovative technologies such as the Lightning Network and the Taproot upgrade. The platform’s institutional ownership will also increase in the coming years, as per ARK’s CEO. According to the company, Bitcoin mining will produce and encourage cleaner solutions. Its attraction among top institutions is also increasing among competitors like MicroStrategy, Tesla, Block.one, and Grascape.
Although Bitcoin has seen a little bit of trouble in recent days by dropping down to a six-month low of $33,000, the expectations from the world’s biggest cryptocurrency are still sky-high. Today’s Bitcoin price is $39,104. Although the cryptocurrency is in a long-term downtrend as of now, it is expected to scale in the coming years.