Even as the price struggles to find a footing, renowned stock-picker Cathie Wood has another bold prediction for the future of the digital currency.
According to the investment firm, the price of the digital currency could reach $1 million by the year 2030.
The Ark analyst wrote that the topcryptocurrencies's market cap is still only a fraction of total global asset values, and that it is likely to scale as other countries adopt it as legal tender.
According to our estimates, the price of one bitcoin could reach $1 million by the year 2030.
On expectations of tighter Federal Reserve policy, the price of the digital currency sank to a six-month low of around $33,000. It was trading at $37,928 in European morning trading on Tuesday, and is down 18% so far in January.
According to Ark's research, at least 13 million bitcoins haven't been moved in more than 155 days, suggesting a long-term holding behavior pattern.
The annual settlement volume on the network has surpassed Visa's, with more than $13.1 trillion of value being settled in 2021.
The Taproot upgrade is the first change to its protocol since July of last year, and the Lightning Network is a transaction speed- boosting network.
After the arrival of more regulated products and corporate adoption, the research shows that the attraction ofbitcoin among institutions is broadening. According to the analyst, 8% of the circulating supply is held by exchange-traded products, corporations, and nation-states.
The investment firm believes that the discussion on the negative environmental impact of bitcoin seems uneducated.
Ark said that the energy industry could benefit from the system that adds new coins to the ledger.
Bangladesh, a country of over 160 million people, consumes as much power as the world's mining machines.
Bill Gates, an outspoken climate change advocate, has criticized the environmental impact of the digital currency, saying it uses more electricity per transaction than any other method known to mankind.
The asset most compatible with ESG standards is the one that Ark's Elmandjra believes in.
According to our research, the potential to transform monetary history by providing financial freedom and empowerment in a fair, global, and distributed way is possible.
In September, Wood predicted a $500,000 rise in the value of the digital currency. She said she had a 60-40 portfolio.
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