$BTC
At ARK Invest, they also updated their more "conservative" scenarios. Now, in their "base case" outlook, they see Bitcoin at 1.2 million dollars (previously they had it at 710,000), and even in their "bearish" scenario (bearish!) they place it at half a million dollars (previously 300,000). Can you imagine the "bearish"? Half a million dollars for one Bitcoin!
And what is the secret sauce behind these otherworldly numbers? Well, according to ARK's analysts, the key lies in the mass adoption by large capital, the traditional financial institutions, and also in the growing idea that Bitcoin is going to become the new "digital gold". That store of value to which everyone will rush when things get complicated.
To reach these conclusions, ARK's analysts crunched some numbers. They imagined the total market size that Bitcoin could aspire to, the speed at which people and companies will really start using it, the piece of that pie that Bitcoin could take, and even the total amount of bitcoins that will be in circulation by then. All well calculated!
According to their calculations, the key to reaching those 2.4 million is for large institutions to fall hopelessly in love with Bitcoin and pour in obscene amounts of money. They estimate that Bitcoin could capture 6.5% of the global financial market.
And the comparison with gold is fundamental to their analysis. They believe that Bitcoin has the potential to steal up to 60% of its shine from the golden metal, becoming the preferred refuge for those looking to protect their capital.
