Maybe a bit too much, Bitcoin price is predicted to be US $ 1 million — Blockchain Media Indonesia

Ark Invest, a venture company from the US predicts that the price of Bitcoin could be US $ 1 million per BTC. It might be a bit cheesy, but it’s still worth a look.

Companies that are well-known as one of the products exchange-traded the most profitable in the US capital market in 2021, providing predictions for the crypto asset industry, especially Bitcoin (BTC) and Ethereum (ETH).

Ark’s analysis suggests that the majority of Bitcoin investors are mature and hold assets for long-term gains rather than short-term speculation.

Bitcoin Price Could Be US$1 Million in 2030

The analysis in the report uses data on-chain as Long Term Holder Base and Aggregated Cost Basis. Ark thinks BTC could reach a value of US $ 1 million by 2030.

Both gauges are at record highs. Data Long Term Holder Base became the basis for Ark’s statement about the Bitcoin market that went from speculation to long-term investment. This is what is known as the maturation of the Bitcoin market.

Apart from data on-chain Bitcoin, Ark also consider Bitcoin market data such as Transfer Value Metric based on absolute value and price adjustments.

Technological updates like Taproot and Lightning Network can help Bitcoin reach scale. ARK added that the ownership of BTC by financial institutions will also expand.

“Bitcoin’s market capitalization represents a small fraction of the global asset and has a high chance of growing larger as countries adopt it as a legal currency,” said ARK analyst Yassine Elmandjra.

Ark’s report states, Bitcoin has mastered market share as a final transaction settlement network.

BTC transaction volume will increase by 120 percent in 2021 and reach a total of US$ 12 trillion. As crypto adoption grows, users are starting to use crypto assets for remittances as well as regular transfers.

A wide range of crypto assets helps users transfer large amounts of money between countries at very low fees compared to expensive and slow traditional bank transfers.

For Ethereum, the second largest crypto asset, Ark estimates market cap ETH will skyrocket with the development of decentralized finance that reaches large scale faster than traditional banking solutions.

On the other hand, decentralized autonomous organization (DAO) could become a new regulatory and coordination standard with the help of an economic foundation. Ark also brought up a solution Layer 2 has become a popular alternative for transactions mainnet especially after Ethereum transaction fees swelled high. [u.today/ed]

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