If you weren’t already bullish on Bitcoin (CCC:BTC-USD), the latest scoop from Cathie Wood’s brainchild, ARK Investment Management, might sway you. The wealth management firm believes BTC isn’t even close to its full usage and that its value reflects that. Bitcoin price predictions are everywhere today as investors ponder ARK’s latest “disruptive” prediction.
As per ARK’s recently released Big Ideas 2022 presentation, the firm views innovative technologies as prime candidates for explosive growth. Among the disruptive innovators, which includes fields like artificial intelligence, cloud computing and battery technology, is Bitcoin. ARK expects the cryptocurrency market capitalization to hit roughly $50 trillion within the next eight years.
And, of course, ARK has especially lofty predictions for the king crypto. Citing increasing use cases, the firms believes the price of one Bitcoin could exceed $1 million by 2030. Shockingly, this statement was made as the entire crypto market undergoes a brutal pullback. Major coins like Bitcoin and Ethereum (CCC:ETH-USD) have lost nearly 40% of their value since reaching their all-time highs in November. While the past two days have seen something of a rebalancing as many downtrodden coins enjoy some time in the green, no crypto is even remotely close to $1 million. Bitcoin is trending around $38,000 and Ethereum, closer to $2,600.
BTC is up nearly 2.5% today on the news, after an undeniably disastrous month for cryptos across the board. Investors are surely scratching their heads wondering if now is the time to buy or wait for the ongoing correction to take its course.
Let’s see what the experts think about Bitcoin’s potential in the face of this glowing appraisal.
Bitcoin Price Predictions: Can BTC Really Hit $1 Million?
- Wallet Investor is undoubtedly bullish on the BTC crypto, albeit less so than Cathie Woods. The site has a one-year forecast of $64,414 per coin. Its five-year prediction states the crypto will hit $179,383.
- CryptoNewsZ might be reading the same charts as ARK Investments. It argues Bitcoin is a strong investment, at practically any point in time. The site has a year-end 2022 prediction of $72,000, and by 2026, the prediction is as high as $1.65 million. With that said, the minimum price prediction for 2026 — $130,000 — is far below the million-dollar mark.
- Crowd Widsom’s 2022 aggregated price target for BTC is almost bearish compared to other outlets. That is, if bearish can be construed to mean it’ll nearly double in price; the average 2022 price prediction is $60,000. For 2025, it forecasts the coin will hit $326,450.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.