Ark Invest, a Florida-based investment firm, has significantly boosted its long-term Bitcoin price prediction, forecasting it could soar to $2.4 million per coin by 2030, according to Decrypt.
This updated projection comes from a new report released Thursday, which used fresh modeling data factoring in Bitcoin’s active supply.
Ark’s research indicates that around 40% of Bitcoin’s supply is essentially inactive, leading them to raise their previous price targets by about 40%.
Based on this approach, Ark now predicts Bitcoin could hit $500,000 in a bear case scenario, while a more optimistic outlook places it at $2.4 million.
The report points to several drivers for Bitcoin’s growth, including its emerging role as “digital gold,” rising demand from investors in emerging markets seeking financial stability, and an increase in corporate interest in using Bitcoin to diversify their treasuries.
Other major voices in the crypto world have echoed similar optimism: MicroStrategy Chairman Michael Saylor has forecasted Bitcoin reaching $13 million within two decades, while Coinbase CEO Brian Armstrong envisions Bitcoin eventually trading in the “multiple millions” range.
Recently, Bitcoin crossed the $95,000 mark early Friday, its highest in two months, although it’s still below its January peak of nearly $109,000.