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Investing.com – In their annual report, “Big Ideas 2023,” analysts at management firm Ark Invest, headed by famed Cathie Wood, said “the long-term opportunity in the market is getting stronger.”
Ark Invest has indeed written that “centralized monetary systems have failed to provide strong economic assurances”, pointing out that 4 billion people live in authoritarian regimes, 2 billion suffer from double-digit inflation, and that 1 billion does not have access to traditional money transfer applications”.
Ark Invest lists the qualities and advantages of Bitcoin
Conversely, Ark analysts believe that Bitcoin is censorship resistantsince “the barriers to transactions on Bitcoin are low, the only requirement being the possession of a private key”.
Ark Invest analysts also wrote that Bitcoin is inflation resistantrecalling that “the number of bitcoins created is mathematically measured and predictable, according to a predefined schedule” and that “the supply of bitcoins in circulation is currently 19 million and capped at 21 million units”.
The Ark analysts’ annual report also points out that Bitcoin is protected from seizuresthanks to the fact that it “combines elliptic curve cryptography and secure custody to secure independent property rights.”
Finally, they praised the fact that Bitcoin is “auditable and transparent”pointing out that “by running a full node, a user is free to validate transactions and verify the offer”.
Studying the evolution of several key Bitcoin metrics over time, such as the hash rate, the supply of BTC which has not changed for more than a year, or the BTC addresses with a balance greater than zero, Ark also pointed out that “BTC fundamentals are stronger today than in previous bear markets.”
Bitcoin to $1.48 million by 2030?
When it comes to Ark Invest’s long-term price target for Bitcoin, analysts considered 3 scenarios. Under the most pessimistic scenario (bear case), analysts expect Bitcoin to grow to $258,500 by 2030, an average annual growth rate of around 40%.
In its base case, Ark forecasts BTC at $682,800 in 2030 (60% CAGR), while in its most optimistic scenario (bull case), the management company envisages a stratospheric target of $1.48 million. , a CAGR of 75%, and an upside potential of more than 6000% from the current price of BTC.