Bitcoin to hit $1,000,000 mark by 2023, says Ark Invest analyst

Earlier this year, Ark Investment Management, a firm led by Cathie Wood, predicted that bitcoin would trade above $1 million by 2030, as its adoption is still in the early stages.

In a recent statement, the company’s analyst, Yassine Elmandjra, reaffirmed his prediction and is not backing down despite the market’s decline. Recently, Cathie Wood revealed that the massive market correction is not enough to stop their ETF on the theme of innovation that has been crypto-pro. The reason for the massive sell-off for the year is due to the tight monetary policy imposed by the Federal Reserve.

“By the million: Yassine Elmandjra, analyst at @ARKInvest, stands by his firm’s prediction that the price of #Bitcoin will cross the $1 million mark. What do you think? ” according to Beth Williams Liou of Bloomberg.

Comparing the bitcoin market to the gold market, Elmandjra said that despite the prevalence of the downtrend, there are still considerable opportunities. According to the analysis, the market could recover at the end of the monetary policy tightening cycle. This means there would be another bullish cycle in the middle of the decade. The market could reach $28 trillion when all the use cases are stacked on top of each other, he says.

In his previous prediction, Elmandjra stated that the current capitalization represents only a fraction of global assets.

“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“, wrote Yassine Elmandjra in “Big Ideas 2022“.

This seems possible because bitcoin is taking market share as a global settlement network, according to Ark Invest research. In 2021, its cumulative exchange volume grew by 463 percent and its annual settlement volume surpassed Visa’s annual payments.

Last year, Cathie Wood predicted that bitcoin would trade at $500,000 by 2026, when asked about the expected value of the asset in five years.

“If we’re right and companies continue to diversify their cash into something like bitcoin, institutional investors start allocating 5% of their funds into… bitcoin, or other cryptos. We think the price will go up tenfold from where it is today, so instead of $45,000, [il serait] over $500,000“, she said.

This might as well carry altcoins in trouble.