The investment firm notes that there have been instances of large-scale institutional adoption of Bitcoin and other cryptocurrencies, which have only accelerated since the beginning of the COVID-19 pandemic.
ARK Invest points to Tesla’s $1.5 billion investment in Bitcoin and the entry of institutional investors like BlackRock into the crypto market as evidence of this trend.
However, the report also acknowledges that there are still hurdles for Bitcoin to overcome, such as regulatory concerns and price volatility.
But the firm believes that these obstacles will be overcome in the long term as the world continues to embrace digital currencies and their underlying blockchain technology.
In conclusion, ARK Invest is bullish on the future of Bitcoin and believes that the crypto asset’s global value proposition is only set to strengthen in the coming years.
The firm’s report states that if Bitcoin continues to attract new adopters and users, the price of the king crypto could reach $1 million in the coming years.
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