Bitcoin and cryptocurrencies have swung wildly over the last week, with the bitcoin price falling sharply before suddenly rebounding.
The ethereum price plunged along with bitcoin and other major cryptocurrencies, wiping over $1 trillion from the combined crypto market in a matter of weeks and sparking fears of a new crypto winter.
Now, despite one Wall Street giant issuing a serious ethereum warning, Cathie Wood’s Ark Invest has predicted the bitcoin price could exceed $1 million by 2030—with ethereum’s market capitalization potentially topping $20 trillion.
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The bitcoin price remains highly volatile with bitcoin and ethereum both swinging wildly over the … [+]
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“We believe bitcoin is the most profound application of public blockchains, the foundation of ‘self-sovereign’ digital money,” Ark Invest analyst Yassine Elmandjra wrote in the company’s 2022 outlook report, arguing technological advancements such as the network’s Taproot upgrade and the second-layer Lightning Network could help bitcoin scale.
Bitcoin’s cumulative transfer volume increased by 463% in 2021, and its annual settlement volume has surpassed Visa’s annual payments volume, according to Ark’s research.
“Bitcoin’s market capitalization still represents a fraction of global assets and is likely to scale as nation-states adopt as legal tender,” Elmandjra wrote. “According to our estimates, the price of one bitcoin could exceed $1 million by 2030″—a 2,500%…
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