Key Points:ARK Invest reported in its Big Ideas 2023 research that despite the economic downturn many revolutions are still being driven by public blockchains.
ARK believes that Bitcoin will still be able to reach $1 million per coin in a decade due to its solid fundamentals, despite the turmoil of 2022.
ARK Invest’s 2023 Big Ideas research report stated that Bitcoin (BTC) is still on track for $1 million per coin in ten years due to its solid fundamentals, despite the turmoil in 2022. The report was written by ARK:
“Contagion by central counterparties has raised Bitcoin’s value propositions, decentralization and auditability as well as transparency. Its network foundations have been strengthened and its holder base is more long-term-oriented.
ARK cited higher mining hashrate, longer-term holder supply and non-zero balance addresses as reasons for BTC’s outperformance in comparison to previous downturns. BTC continues outperform other asset classes because of its fundamental soundness. Wood made her first bold price prediction in a Bloomberg interview, May 2021. She predicted that BTC would reach $500,000 by 2026. In early 2022, she increased the wager to $1,000,000 by 2030. The paper also included smart contracts, decentralized finance, and Wood’s stances on BTC.Cathie Wood ARK was a strong supporter and investor in Coinbase throughout December and January. ARK purchased almost $30 million worth of shares to increase its COIN holdings. ARK also bought shares in Grayscale’s Bitcoin Trust in November. This shows that the company’s expectations of becoming the largest cryptocurrency market capitalization by market value have not diminished. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuHaroldCoincu NewsTags: Ark InvestbitcoinBTCCathie WoodCoinbase