{"id":518337,"date":"2023-02-01T18:00:44","date_gmt":"2023-02-01T18:00:44","guid":{"rendered":"https:\/\/uniquehot.com\/?p=518337"},"modified":"2024-06-11T11:23:31","modified_gmt":"2024-06-11T11:23:31","slug":"why-ark-invest-believes-bitcoin-could-emerge-as-multi-trillion-dollar-market","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-ark-invest-believes-bitcoin-could-emerge-as-multi-trillion-dollar-market\/","title":{"rendered":"Why Ark Invest Believes Bitcoin Could Emerge As Multi-Trillion Dollar Market"},"content":{"rendered":"<p><strong><span data-preserver-spaces=\"true\">Bitcoin has returned to a consolidation state as the macroeconomic dust settles in the coming days. The number one crypto by market capitalization rallied for most of January and is now entering a new month with market expectations of higher profits.\u00a0<\/span><\/strong><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/eth\/bitcoin-ethereum-whale-activities-plummets\/\" target=\"_blank\" rel=\"noopener \">Bitcoin and Ethereum Whale Activities Plummets, Are Whales Getting Bored?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">As of this writing, Bitcoin (BTC) trades at $23,000 with sideways movement in the last 24 hours. The cryptocurrency still records some profits in the previous seven days at 2%. Other digital assets in the top 10 experienced similar price action except for Cardano (ADA) and Dogecoin (DOGE), which continue to see high profits over the same period.\u00a0<\/span><\/p>\n<figure id=\"attachment_518364\" aria-describedby=\"caption-attachment-518364\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-518364 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-BTCUSDT.png?resize=860%2C394\" alt=\"Bitcoin BTC BTCUSDT\" width=\"860\" height=\"394\"><figcaption id=\"caption-attachment-518364\" class=\"wp-caption-text\">BTC&#8217;s price is trending to the upside on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/hstM8J8q\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>BTC Price Bottom Confirmed By Fundamentals?<\/h2>\n<p><span data-preserver-spaces=\"true\">Per a recent <a href=\"https:\/\/research.ark-invest.com\/hubfs\/1_Download_Files_ARK-Invest\/Big_Ideas\/ARK%20Invest_013123_Presentation_Big%20Ideas%202023_Final.pdf\" target=\"_blank\" rel=\"noopener nofollow\">report<\/a> from Ark Invest, Bitcoin (BTC) recently experienced its second-worst price drawdown since its inception. The cryptocurrency lost over 70% of its value from an all-time high of $69,000, crashing into a two-year low at $15,800.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This level coincides with the 2018 all-time high region that peaked at $20,000 and preceded a 77% drawdown to a $3,000 low. Bitcoin bounced into price discovery after experiencing this crash, suggesting that $15,800 will be critical support for future downside pressure.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Ark Invest argues that Bitcoin is more robust today and has better fundamentals to continue its uptrend. The BTC Hashrate, the computational power generated by Bitcoin miners, reached an all-time high at 272 exahashes\/second in its twelve consecutive years on the rise.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The market cost basis for the BTC supply, the average price of the Bitcoin in circulation, stands at $393, almost three times its 2018 value. In addition, 66.5% of the cryptocurrency\u2019s supply remained unmoved over the past year.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In other words, long-term Bitcoin holders seem unwilling to move their coins to crypto exchanges to dump them in the market. In that sense, the long-term holder supply stands at 71% and has been increasing since December 10, 2017.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">All of these factors behind Ark Invest\u2019s bullish thesis compound with the capitulation levels seen in the past two years. As in 2015 and 2017, these capitulation levels could coincide with another bull run.\u00a0<\/span><\/p>\n<figure id=\"attachment_518367\" aria-describedby=\"caption-attachment-518367\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-518367 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-BTCUSDT-Chart-4-Ark.jpg?resize=860%2C607\" alt=\"Bitcoin BTC BTCUSDT Chart 4 Ark\" width=\"860\" height=\"607\"><figcaption id=\"caption-attachment-518367\" class=\"wp-caption-text\">BTC capitulation level on pair with other crypto bear market bottoms. Source: Ark Invest<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<h3>Bitcoin Will Transform Into A Financial Behemoth<\/h3>\n<p><span data-preserver-spaces=\"true\">In the short term, Bitcoin will still face selling pressure from macroeconomic conditions, persistent inflation, and other global events. However, Ark Invest believes the cryptocurrency will become a central piece in global financial markets in the coming decade.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As seen in the chart below, the investment firm has three targets for BTC in this period. In the bearish scenario, BTC will hit a price of $258,000 by 2030, and in the bull scenario, BTC could climb as high as $1.5 million per coin.\u00a0<\/span><\/p>\n<figure id=\"attachment_518366\" aria-describedby=\"caption-attachment-518366\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-518366 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-BTCUSDT-Chart-2-Ark.jpg?resize=860%2C411\" alt=\"Bitcoin BTC BTCUSDT Chart 2 Ark\" width=\"860\" height=\"411\"><figcaption id=\"caption-attachment-518366\" class=\"wp-caption-text\">BTC is on track to become a multi-trillion dollar asset by 2030. Source: Ark Invest<\/figcaption><\/figure>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/altcoin\/rally-shuts-down-sidechain-native-token-rly-plunges\/\" target=\"_blank\" rel=\"noopener \">Social Token Platform \u2018Rally\u2019 Shuts Down Sidechain, Native Token RLY Plunges 10%<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">These targets are derived from potential use cases for the cryptocurrency as a growing institutional investment and an alternative to gold, an economic and global payment settlement network, an emerging market currency, a corporate treasury, and others.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has returned to a consolidation state as the macroeconomic dust settles in the coming days. The number one crypto by market capitalization rallied for most of January and is now entering a new month with market expectations of higher profits.\u00a0 Related Reading: Bitcoin and Ethereum Whale Activities Plummets, Are Whales Getting Bored? As of this writing, Bitcoin (BTC) trades at $23,000 with sideways movement in the last 24 hours. The cryptocurrency still records some profits in the previous seven days at 2%. Other digital assets in the top 10 experienced similar price action except for Cardano (ADA) and Dogecoin (DOGE), which continue to see high profits over the same period.\u00a0 BTC Price Bottom Confirmed By Fundamentals? Per a recent report from Ark Invest, Bitcoin (BTC) recently experienced its second-worst price drawdown since its inception. The cryptocurrency lost over 70% of its value from an all-time high of $69,000, crashing into a two-year low at $15,800.\u00a0 This level coincides with the 2018 all-time high region that peaked at $20,000 and preceded a 77% drawdown to a $3,000 low. Bitcoin bounced into price discovery after experiencing this crash, suggesting that $15,800 will be critical support for future downside pressure.\u00a0 Ark Invest argues that Bitcoin is more robust today and has better fundamentals to continue its uptrend. The BTC Hashrate, the computational power generated by Bitcoin miners, reached an all-time high at 272 exahashes\/second in its twelve consecutive years on the rise.\u00a0 The market cost basis for the BTC supply, the average price of the Bitcoin in circulation, stands at $393, almost three times its 2018 value. In addition, 66.5% of the cryptocurrency\u2019s supply remained unmoved over the past year.\u00a0 In other words, long-term Bitcoin holders seem unwilling to move their coins to crypto exchanges to dump them in the market. In that sense, the long-term holder supply stands at 71% and has been increasing since December 10, 2017.\u00a0 All of these factors behind Ark Invest\u2019s bullish thesis compound with the capitulation levels seen in the past two years. As in 2015 and 2017, these capitulation levels could coincide with another bull run.\u00a0 &nbsp; Bitcoin Will Transform Into A Financial Behemoth In the short term, Bitcoin will still face selling pressure from macroeconomic conditions, persistent inflation, and other global events. However, Ark Invest believes the cryptocurrency will become a central piece in global financial markets in the coming decade.\u00a0 As seen in the chart below, the investment firm has three targets for BTC in this period. In the bearish scenario, BTC will hit a price of $258,000 by 2030, and in the bull scenario, BTC could climb as high as $1.5 million per coin.\u00a0 Related Reading: Social Token Platform \u2018Rally\u2019 Shuts Down Sidechain, Native Token RLY Plunges 10% These targets are derived from potential use cases for the cryptocurrency as a growing institutional investment and an alternative to gold, an economic and global payment settlement network, an emerging market currency, a corporate treasury, and others.\u00a0<\/p>\n","protected":false},"author":535,"featured_media":516166,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-518337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Why Bitcoin Could Emerge As Multi-Trillion Dollar Market<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has returned to a consolidation state as the macroeconomic dust settles in the coming days, but is poised for further gains.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/uniquehot.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Why Bitcoin Could Emerge As Multi-Trillion Dollar Market","description":"Bitcoin (BTC) has returned to a consolidation state as the macroeconomic dust settles in the coming days, but is poised for further gains.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uniquehot.com\/news\/why-ark-invest-believes-bitcoin-could-emerge-as-multi-trillion-dollar-market\/","og_locale":"en_US","og_type":"article","og_title":"Why Bitcoin Could Emerge As Multi-Trillion Dollar 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Ark Invest Believes Bitcoin Could Emerge As Multi-Trillion Dollar Market","url":"http:\/\/uniquehot.com\/news\/why-ark-invest-believes-bitcoin-could-emerge-as-multi-trillion-dollar-market\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/why-ark-invest-believes-bitcoin-could-emerge-as-multi-trillion-dollar-market\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/michael-fortsch-ywmZG5IIwGc-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/michael-fortsch-ywmZG5IIwGc-unsplash-scaled.jpg?fit=2560%2C1497"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-02-01T18:00:44Z","datePublished":"2023-02-01T18:00:44Z","dateModified":"2024-06-11T11:23:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Ark Invest Believes Bitcoin Could Emerge As Multi-Trillion Dollar Market\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-ark-invest-believes-bitcoin-could-emerge-as-multi-trillion-dollar-market\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/why-ark-invest-believes-bitcoin-could-emerge-as-multi-trillion-dollar-market\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/michael-fortsch-ywmZG5IIwGc-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/michael-fortsch-ywmZG5IIwGc-unsplash-scaled.jpg?fit=2560%2C1497\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-02-01T18:00:44Z\",\"datePublished\":\"2023-02-01T18:00:44Z\",\"dateModified\":\"2024-06-11T11:23:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/michael-fortsch-ywmZG5IIwGc-unsplash-scaled.jpg?fit=2560%2C1497","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/518337"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=518337"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/518337\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/516166"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=518337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=518337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=518337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}