Investment management firm Arc Invest says bitcoin “has the potential to grow into a multi-trillion dollar market.” In its new report, the firm offers three bitcoin price predictions, including a bull case where bitcoin could soar to $1.48 million per coin. Cathy Wood, CEO of Arch Invest, sees bitcoin as “an insurance policy for everyone against the seizure of wealth.”
Ark Investments: The price of bitcoin can reach $1.48 million
Arc Investment Management (Arc Invest) published its annual Big Ideas 2023 last week. “The report highlights the technological breakthroughs being developed today and the potential for super-exponential growth tomorrow,” explained the analysts at Arc Invest. Topics discussed in the report include artificial intelligence (AI), digital wallets, public blockchains, bitcoin, and smart contract networks.
Regarding bitcoin, the analysts at Arch Invest wrote:
We believe the long-term opportunity for bitcoin is consolidating. Despite a turbulent year, bitcoin hasn’t missed a beat. Its network fundamentals have strengthened and its holder base has become more long-term focused.
He emphasized: “The transition caused by centralized counterparties has enhanced the value proposition of bitcoin: decentralization, auditability and transparency.”
The investment management firm provided three different price predictions for bitcoin in this year’s Big Ideas report, instead of last year’s single prediction. The “case of recession” puts the prediction B T c 258,500 by 2030 while the “bull case” predicts the price of the cryptocurrency reaching $1.48 million per coin. The firm also offered a “base case” price target. B T c of $682,800, using the assumptions most likely to occur.
Cathy Wood, CEO of Arch Invest, has been a long-time supporter of bitcoin. In an interview with Bloomberg last week, he explained why he and his investment firm are optimistic about the future outlook of the largest cryptocurrency.
“Over the past three years, fiscal and monetary responses to COVID have been creating hyperinflation and material distress in many countries. We are seeing protests and riots everywhere,” he described. “Well, where do these people go for an insurance policy against an explosion in their purchasing power and wealth? … It’s something like bitcoin. The Ark Invest executive elaborated:
Bitcoin is an insurance policy, and it is an insurance policy for everyone against the confiscation of wealth.
Do you agree with Arch Invest and its CEO Cathy Wood about bitcoin? Let us know in the comments section below.
disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Credit : news.bitcoin.com