![](\"https:\/\/cryptoglobe.s3.eu-west-2.amazonaws.com\/2023\/02\/Web-capture_7-2-2023_111835_research.ark-invest.com_.jpeg\")
<\/p>\nCatherine Wood\u2019s ARK Investment Management, LCC (aka ARK Invest) has revealed that the price of Bitcoin ($BTC) could top $1.4 million per coin in the future, based on their bullish case, as the cryptocurrency\u2019s \u201clong-term opportunity is strengthening.\u201d<\/p>\n
In a lengthy report on \u201cBig Ideas 2023,\u201d the investment firm noted Bitcoin\u2019s features remain unaltered, as $BTC is still censorship-, seizure-, and inflation-resistant, auditable and transparent, and keeps growing.<\/p>\n
The Bitcoin network, according to the firm\u2019s report, transferred $38.7 trillion of value last year, representing over 30% of its $105.3 trillion that have been cumulatively moved since its inception. Bitcoin\u2019s total addresses are now above 1.1 billion, while miner revenue topped $47 billion cumulatively.<\/p>\n
The firm added that Bitcoin\u2019s drawdown from its near $69,000 all-time high was the \u201cfifth largest and second longest in history,\u201d but pointed out the flagship cryptocurrency has \u201coutperformed every major asset class over longer time horizons,\u201d showing BTC\u2019s 5-year Compound Annual Growth Rate (CAGR) was 272%, compared to global equities\u2019 6.1% and gold\u2019s 2.2%.<\/p>\n
Per ARK Invest\u2019s report, Bitcoin\u2019s fundamentals are \u201cstronger today than in past drawdowns,\u201d with its hashrate now being at over 260 exahashes per second, and its supply last moved over one year ago being above 66.5% as the capacity of its layer-2 solution, the Lightning Network, grows past 4,700 $BTC.<\/p>\n
The report details that the percentage of Bitcoin trading at a loss reached a new all-time high last year as $BTC holders realized record losses of around $200 billion. Nevertheless, it adds that the \u201cextreme market fear fueled by the collapse of several major entities\u201d failed to stop BTC holders from being long-term focused.<\/p>\n
Per the firm, Bitcoin is now \u201clikely to scale into a multi-trillion dollar market.\u201d ARK Invest bases its predictions on $BTC\u2019s penetration rate in several use cases, including as corporate treasury, a remittance asset, nation-state treasury, an emerging market currency, an economic settlement network, a seizure-resistant asset, an institutional investment, and digital gold. In its most bullish case, ARK Invest sees Bitcoin\u2019s price hit $1.48 million by 2030.<\/p>\n
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Bitcoin is, at the time of writing, trading at around $23,000 per coin after having its best January since 2013, in which it rallied well over 40%, significantly outperforming the stock market and gold.<\/p>\n