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Bitcoin and Ethereum could set new ATHs by 2030, says ARK Invest

The investment firm predicted that BTC could reach $1 million per coin while Ethereum's market cap could rise to $123 million.

Photo by Satheesh Sankaran of Pixabay

Thu, 27 Jan 2022, 14:45 pm UTC

Major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) suffered massive price declines since 2022 started. However, ARK Invest remains bullish on crypto and even predicted that both Bitcoin and Ether are poised to set new all-time highs in the coming years.

ARK Invest revealed its bullish stance on crypto in a recently published report titled Big Ideas 2022. “ARK expects crypto assets and digital wallets to command nearly $50 trillion In equity market capitalization by 2030,” the company said.

The investment firm pointed out that digital wallets have already surpassed cash in point-of-sale (POS) payments since 2017. In fact, the number of digital wallets has already surpassed the number of account holders in one of the U.S.’s largest banks.

“Based on publicly available data, Square’s Cash App and PayPal’s Venmo have amassed 74 million and 82 million annual active users in the past 8 and 11 years, respectively,” the company noted. “J.P. Morgan hit 60 million deposit account holders after five acquisitions in more than 30 years.”

Meanwhile, the firm offered a very optimistic outlook for the world’s largest crypto by market cap. “Bitcoin’s market capitalization still represents a fraction of global assets and is likely to scale as nation-states adopt as legal tender. According to our estimates, the price of one bitcoin could exceed $1 million by 2030,” ARK said.

This means that investors who buy the crypto at its current price level of around $37,000 could expect a return of more than 26 times once it reaches $1 million per token. “Bitcoin could continue to scale in response to technological breakthroughs,” the company added.

“Bitcoin activated Taproot, its biggest base-layer protocol upgrade since SegWit in 2017,” the company said. “Along with the introduction of Schnorr signatures, Taproot could increase the privacy and efficiency of Bitcoin transactions.” The investment firm also noted the growth of the Lightning Network (LN), a second layer payment protocol built on Bitcoin, the introduction of Bitcoin-denominated DeFi, the adoption of BTC as legal tender in El Salvador, and the increasing participation of institutional investors.

Meanwhile, ARK predicted that ETH’s market cap could to more than $100 million in just 8 years. “According to ARK’s research ether (ETH) is both the preferred collateral in DeFi and the unit of account in NFT marketplaces, suggesting that it is likely to capture a portion of the $123 trillion global money supply,” the company said.

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More
  • Bitcoin (btc) $28,827.00 (-0.36%)
  • Ethereum (eth) $1,761.39 (-0.38%)
  • USD Coin (usdc) $1.00 (+0.01%)
  • BNB (bnb) $301.50 (+0.58%)
  • XRP (xrp) $0.384163 (-1.94%)
  • Bitcoin (btc) $28,827.00 (-0.36%)
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