$ETH

The manager of billion-dollar assets at ARK Invest predicts that the price of Bitcoin could reach $2.4 million per BTC by the end of 2030, up from a previous projection of $1.5 million, as adoption by financial institutions and countries increases.

In a report released on April 24, ARK research analyst David Puell also revised the bear and base case scenarios for Bitcoin to $500,000 and $1.2 million respectively — up from February predictions of $300,000 and $710,000.

"Institutional investment is the largest contributor to our optimistic scenario," said Puell. He estimates that Bitcoin could capture 6.5% of the total global financial market valued at $200 trillion (excluding gold) in the best-case scenario.

ARK also highlights Bitcoin's potential to replace gold as a store of value. If Bitcoin successfully captures up to 60% of the gold market capitalization of $18 trillion, its price could surge significantly.

The third largest factor in ARK's bull case scenario is the adoption of Bitcoin as a safe haven in developing countries, contributing 13.5% of that projection.