ARK Invest: Could Bitcoin’s Price Reach $1,000,000?
While the market has had an increase in downside risks with recent banking failures, some areas have stood out. Gold prices have moved back near all-time highs, as investors have sought safety in the metal.
Another surprising winner has been Bitcoin, which was viewed as a “risk-on” asset like a tech stock. The crypto has jumped about 50 percent in the past month. While it’s still well off its all-time highs, it’s possible that there’s substantially more upside ahead.
One recent prediction even suggested that Bitcoin moved to $1 million within 90 days. While such predictions grab headlines and often don’t pan out, it’s clear that this may be a winning moment for Bitcoin.
That’s because the original cryptocurrency was designed during the great recession, with the first Bitcoin being mined in early 2009. The initial mined block even contained text regarding bank bailouts in England.
Since then, the Bitcoin network has grown substantially. That has helped increase the price of Bitcoin and increase the resilience of the network. And with a global network numbered in the millions, it’s clear that Bitcoin is no longer at a stage where it can be shut down.
Meanwhile, Bitcoin has a programmed hard cap of 21 million. In an age where banks may fail or governments may try to print money to avoid a failure, Bitcoin may continue to rise over time as a digital store of value.