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Ark Invest, the American asset management firm launched by Cathie Wood, presented its take on the future of finance and blockchain technology in its Big Ideas 2023 report. Outside the crypto field, The report looks at a number of exciting technologies, including molecular assessments, artificial intelligence, and the technological convergence of public blockchain with other areas that could put platforms on the road to an estimated $200 trillion by the end of the decade.
Bitcoin is likely to move to the scale of a market worth millions of dollars.
Cathie Wood spoke out loud and clear in favor of Bitcoin. The recent decline in the crypto market has not been successful in discouraging its confidence in the key cryptocurrency. His company's report said the crypto winter high value propositions of Bitcoin as a decentralized alternative, highlighting the role of central counterparties in the contagion of cryptographies.
We believe Bitcoin's long-term opportunity is consolidation. Despite an eventful year, Bitcoin did not jump a pace. The core principles of its network have been reinforced and its incumbent base has become more long-term focused."
The report states that the current fundamentals of the BTC are stronger than they were in previous withdrawals. The data collected by ark invest shows that holders of BTCs are more concentrated in the long term today than at any other time in history. The company's research has estimated that the price of a bitcoin might surpass $1 million by 2030. The bearish scenario sets the 2030 price target at $258,500 for 1 building block. The Reference Case target was $682,800. The best estimate, i.e., the bullish scenario, was $1.48 million at the end of the decade.
The report also further examined the role of public blockchains in the future of finance and associated technologies. Ark Invest believes that large-scale adoption of blockchain tech will eventually prompt all money and contracts to migrate onto public blockchains that enable and verify digital scarcity and proof of ownership.
