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Investing.com – The recent setbacks have caused many investors who were anticipating a quick run to $100,000 to reconsider.
However, many leading investors remain very bullish on Bitcoin, especially in the long term. This is clearly the case for Cathie Wood and the Ark Invest fund team, which yesterday doubled its long-term objective on Bitcoin (while extending the horizon of its forecast).
Cathie Wood has indeed predicted that the price of bitcoin could exceed $1 million by 2030. Last year, she explained that she saw Bitcoin soaring to $500,000 by 2026.
“Bitcoin’s market capitalization is still only a fraction of global assets and is expected to grow as nation states adopt it as legal tender,” ARK analyst Yassine Elmandjra wrote in the report. manager’s “Big Ideas 2022” outlook.
ARK added in its bitcoin outlook that the cryptocurrency is taking market share as a global settlement network. According to ARK’s research, bitcoin’s cumulative transfer volume increased by 463% in 2021, and its annual settlement volume exceeded Visa’s annual payment volume (NYSE:).
The report also highlighted technological advancements in the BTC network such as the Taproot upgrade and the Lightning Network, which can also help bitcoin grow. Finally, Ark also believes that institutional investments in Bitcoin will also continue to grow.
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