Ark Invest said bitcoin could hit nearly $1.5 million by 2030, a 6,326% increase from its current price.
Bitcoin is off 65% from its record high amid a lengthy crypto bear market.
The famed money manager predicted bitcoin will scale unto a “multi-trillion dollar market,” per a recent report.
Cathie Wood’s Ark Investment Management said bitcoin could hit $1.48 million by 2030, a 6,326% increase from its current price.
That’s under its bull-case scenario, while its base case sees bitcoin reaching $682,800 by that time. The crypto is currently trading flat at $23,031 on Wednesday, according to Messari.
Ark detailed the token’s outlook in a new report, which predicted that bitcoin could “scale into a multi-trillion dollar market” by the end of the decade. Even the famed money manager’s bear case for bitcoin is a price target of $258,500 in the next seven years, a 1,022% increase from the crypto’s current price.
The firm maintained that bitcoin’s fundamentals are sound despite a turbulent 2022. To support its bold calls, the report pointed to continued institutional adoption, higher hash rates, and long-term holder supply of bitcoin.
The bullish estimates come amid a severe and lengthy crypto market rut. Bitcoin is down 65% from its all-time high in November 2021, with the industry’s total market value off over 64% from its peak.
Crypto markets took hits in the past year on inflation concerns, leaving traders with little risk appetite, along with a series of industry bankruptcies, which caused widespread contagion. Sam Bankman-Fried’s FTX, crypto fund Three Arrows Capital, and centralized lender Celsius all landed in bankruptcy court.
“Contagion caused by centralized counterparties has elevated Bitcoin’s value propositions: decentralization, auditability, and transparency,” the report said. “Its network fundamentals have strengthened and its holder base has become more long-term focused.”
This isn’t Wood’s or Ark’s first eyebrow-raising price prediction. In May of 2021, Wood told Bloomberg that bitcoin will likely rise to $500,000 in 2026.
“We think bitcoin is coming out of this smelling like a rose,” she said after FTX’s market-moving bankruptcy filing.
FTX made massive sponsorship deals with sports leagues and star athletes like Tom Brady. Here’s what experts say could happen after the crypto exchange’s implosion.
One of FTX’s most visible partnerships is with Miami Heat. Its home court was renamed FTX Arena in June 2021.
FTX has been the “Official Cryptocurrency Exchange brand of MLB” since June 2021. All Major League Baseball umpires wear a patch with FTX’s logo as part of the deal
In December 2021, The Golden State Warriors announced a “first-of-its-kind” cryptocurrency partnership in professional sports, naming FTX its “Official Cryptocurrency Platform and NFT Marketplace.”
FTX had several celebrity endorsers, mainly from the sports world. Football star Tom Brady appeared in commercials for the platform.
Stephen Curry also appeared in FTX commercials and signed a deal with the company. Here are some other celebrities who had deals with FTX:
FTX didn’t stop with the pros, though. The crypto company even invested in college sports. UC Berkeley signed a $17.5 million deal with FTX to sponsor its athletic department – and agreed to be paid entirely in crypto.
FTX even invested in a Formula One racing team called Mercedes-AMG Petronas