Bitcoin rises back to $38K on Wednesday, January 26, as the crypto market shows some recovery after a week of free fall.
According to CoinMarketCap, the world’s largest cryptocurrency by market cap is now trading above $38,100 with more than 2% gains at the time of writing. Bitcoin went as high as $38,438 in the last 24-hours.
The cryptocurrency market went into a free fall last Friday, January 21, that pulled the Bitcoin price to as low as $33,184 on Monday, January 24. On Wednesday, January 26, the market showed some recovery as top-10 crypto coins posted gains.
ARK Invest Predicts More than $1M by 2030
The recent Bitcoin price is nothing as compared to predicted by asset management firm Ark Invest. In the latest “Big Ideas 2022” outlook report, the firm predicts that the price of bitcoin would surge above $1 million by 2030.
According to the report, Bitcoin has significant appreciation potential. The content on page-54 of the report reads:
“According to our research, Bitcoin’s market capitalization could scale more than 25-fold in the next decade, with each exceeding $1 million in value.”
This ambitious figure comes on the back of some estimates that suggest that Bitcoin will be for 50% of global remittances by the end of the decade, more countries will adopt Bitcoin as legal tender as does El Salvador, S&P 500 companies will be holding 5% of their cash in BTC, more institutional involvement, and Carbon-free mining.
About the outlook of Ethereum and DeFi by 2030, the report says:
“According to ARK’s research ether (ETH) is both the preferred collateral in DeFi and the unit of account in NFT marketplaces, suggesting that it is likely to capture a portion of the $123 trillion global money supply.”
At present, these predictions seem impossible to be true. However, if we take a look at Bitcoin price today and $13 per coin on December 31, 2012, this is not a far-fetched prediction.