ARK Invest Lifts Bitcoin Bull Case To $2.4M by 2030, Citing Surging Institutional Demand

Fund manager ARK Invest raised its most optimistic Bitcoin price prediction to $2.4 million by 2030—up from $1.5 million previously—citing accelerating institutional adoption as a key driver.

ARK analyst David Puell detailed the updated forecast in an April 24 report, also raising the firm’s bear and base case targets to $500,000 and $1.2 million, respectively. Each scenario reflects growing confidence in Bitcoin’s integration into the traditional financial system.

In the bull case, Puell projects Bitcoin could capture 6.5% of the $200 trillion global financial market, driven by its increasing appeal as both a store of value and a macro hedge. He also sees BTC potentially taking 60% of gold’s $18 trillion market cap as it becomes widely accepted as “digital gold.”

Bitcoin Supply On Exchanges Drops To Lowest Level In Over 6 Years

Supporting the narrative of accelerating institutional adoption, Fidelity Digital Assets noted in an April 24 post on X that Bitcoin held on exchanges has dropped to its lowest level since 2018.

BTC held by exchanges plunged to around 2.6 million after more than 425,000 BTC moved off of these platforms since November last year, it said.

The firm attributed the decline to sustained buying by public companies—momentum it expects to accelerate in the near term.

Related Articles:

  • Pudgy Penguins Launches A Short Security Course For NFT Users
  • OFFICIAL TRUMP Coin Soars 32% After Dinner Invite With President For Top Holders
  • Number Of Addresses Holding Over 1,000 Bitcoin Surges To 4-Month High

Comments

Post a Comment

Popular posts from this blog

Bitcoin and Ethereum Prices Get a Chinese New Year Booster in Next Leg of Rally?

Image
On January 20th, Bitcoin is on a bullish run, breaking above a double top resistance level of $21,600 that's exposing BTC towards the $22,500 level. Ethereum has also violated a major resistance area of $1,610 and is closing candles above this level are opening further room for buying until $1,675. The Chinese New Year is coming up on Sunday, January 22nd, which often leads to market volatility. The largest national holiday in China is called the "golden week," and has 12 days of celebrations with different animal themes. In 2021, the theme of the year is "The Year of the Dog," which begins on June 18th and 2023 will be "The Year of the Rat." The Shanghai and Shenzhen Stock Exchanges will be closed from 23rd to 27th Jan. 2018 due to the Lunar New Year Holiday period. This will impact the stock market and global trade volumes as a result. Therefore, customers have more incentive to manipulate assets during the holiday season especial...
Read more

Ethereum Hits $3,600 As Traders Continue The Price War But Fails To Hold It

Image
Apr 01, 2024 at 17:02 // Price Author Coin Idol The price of Ethereum (ETH) has fallen between the moving average lines since March 19, 2024. Long-term analysis of the Ethereum price: bearish Bulls and bears have been battling over price action over the past week to determine the direction of the market. The bulls are struggling to break above the 21-day SMA after stopping the decline above the 50-day SMA. Currently, the largest altcoin is worth $3,440. If the bulls manage to keep Ethereum above the 21-day SMA, it will rise. The positive trend will co...
Read more

Gold-backed BRICS currency will be 'very hard' to deliver: Lyn Alden

A BRICS common currency will be challenging to initiate and maintain, though efforts to dethrone the US dollar could have an impact on Bitcoin, says investment strategist Lyn Alden. Macroeconomist Lyn Alden has cast doubt on a proposal that would see five countries work together to develop a common BRICS currency — arguing it will likely struggle to get off the ground and fail to dethrone the United States dollar. In an interview with Cointelegraph just days before the BRICS annual summit in South Africa, Alden explained that it will be “very hard” for BRICS members — Brazil, Russia, India, China and South Africa — to form a gold-backed currency for widespread use. Russian President Vladimir Putin first announced that BRICS proposal to create an international reserve currency at the BRICS summit in 2022 to rival the U.S. dollar as the global reserve standard. This proposal was later confirmed to come in the form of a gold-backed currency. However, Alden argued the model is flawed. ...
Read more