ARK Invest's 2023 "Big Ideas" research report
states that, even with a sharp decline, public blockchains are still driving
multiple revolutions, one of which is Bitcoin.
ARK maintains that, even with a volatile 2022, the
fundamentals of Bitcoin (BTC) remain sound and will lead to an end of the
decade price of one million dollars.
The fear of contagion resulting from centralized entities
has increased Bitcoin's worth, due to its decentralization, auditability, and
transparency, according to ARK. Moreover, its network fundamentals have
strengthened and its base of owners is now more focused on the long-term.
ARK asserts that its current state is stronger than prior
downturns due to the greater hashrate, the long-term holder supply, and the
addresses that still contain a non-zero balance.
The ARK Invest "Big Ideas 2023" report provides
insight into the major changes and advancements that will occur over the next
few years. It offers a comprehensive look at the possibilities that exist for
the coming years and how these developments will impact the world.
ARK maintains that bitcoin is exhibiting solidity and
therefore surpassing other conventional investment assets.
Over a five-year period, the compound annual growth rate of
bitcoin has been a remarkable 272%, in comparison to 6.1% for global equities,
1.4% for global debt and 2.2% for gold.
In a report from ARK Invest titled "Big Ideas
2023," the company examined the potential for growth in the coming years.
The paper explored a range of topics ranging from robotics and artificial
intelligence to next-generation genomics and blockchain technology. The report
examined the current state of these technologies, as well as their potential
for future growth and development.
Its not the first time ARK's CEO, Cathie Wood, has
forecasted a positive outlook for bitcoin. In May 2021, Wood expressed her
initial bullish expectation for bitcoin on Bloomberg, suggesting that it could
reach $500,000 by 2026. Subsequently, in early 2022, she increased the
projection to $1 million by 2030.
Wood and ARK are well-known for their thoughts and views on
bitcoin, however the report also discussed smart contracts and decentralized
finance.
A report from Ark predicts that, as tokenized financial
assets become increasingly prevalent on-chain, the decentralized applications
and smart contract networks powering them could generate up to $450 billion a
year and reach a capitalization of $5.3 trillion by 2030.
The performance of ARK's Innovation ETF (ARKK) has seen an
increase of 31% over the past month, while the Next Generation Internet ETF
(ARKW) has risen by 32%. [pc]
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