Bitcoin Could Reach $2.4 Million by 2030 In New ARK Invest Projection

Bitcoin may reach a price of $2.4 million by 2030, according to the latest update from ARK Invest. The investment firm made the adjustment after revising its assumptions around active Bitcoin supply, focusing only on coins that are not lost or deeply dormant.

Good to know

• ARK Invest raised its Bitcoin 2030 bull case price target by 60 percent compared to January 2024.
• The new base case expects Bitcoin to reach $1.2 million by the end of the decade.
• Bitcoin leaving exchanges suggests stronger long-term holding behavior.

David Puell, an analyst at ARK Invest, shaped the new forecast by looking at Bitcoin’s potential growth across several sectors. He evaluated Bitcoin’s role as a store of value similar to gold, its adoption by emerging markets, its use in corporate and national treasuries, and the development of financial services built directly on the Bitcoin network.

The new bull case projects a 72 percent compound annual growth rate (CAGR) from December 2023 to the end of 2030. ARK Invest’s base case expects Bitcoin to reach $1.2 million, supported by a 53 percent CAGR. Meanwhile, the bear case now projects Bitcoin to reach $500,000, which would mean a 32 percent CAGR.

Puell had previously set a target between $104,000 and $124,000 for Bitcoin by the end of 2024. Bitcoin finished December at $93,440, slightly below that range. However, it did reach a record high of $109,000 in January before pulling back to lows around $74,500 earlier this month.

Since then, Bitcoin’s recovery has shown strong momentum. Analysts point to declining exchange balances as a key factor. When more Bitcoin moves off exchanges into private wallets, it often signals that holders are planning to keep their assets for a longer time, limiting selling pressure.

ARK Invest believes that Bitcoin’s expanding role in different sectors, along with a shrinking active supply, supports a more confident long-term outlook through the rest of the decade.

At time of writing, Bitcoin is trading at $93,665 as per CoinMarketCap data, up almost 11% over the past seven days.