1 Popular Cryptocurrency ARK Invest Expects to Surge by 1,480%

Cathie Wood, the founder and CEO of Ark Invest, is bullish on cryptocurrencies. ARK’s flagship ETFs — ARK Innovation (NYSEMKT: ARKK), ARK Next Generation Internet (NYSEMKT: ARKW), and ARK Fintech Innovation (NYSEMKT: ARKF) — all hold shares of crypto stocks such as Coinbase and Robinhood. Its ARK 21Shares Bitcoin ETF (NYSEMKT: ARKB) gives investors direct exposure to Bitcoin (CRYPTO: BTC).

Wood claims Bitcoin, which currently trades at about $79,000, could soar nearly 1,480% to $1.25 million within the next five years. That rally would boost Bitcoin’s market cap from $1.6 trillion to $25.1 trillion. For reference, gold — the world’s most valuable asset — currently has a market cap of $31.3 trillion. Let’s see what it would take for Bitcoin to generate those massive gains.

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What’s the bull case for Bitcoin?

Bitcoin is the world’s largest <a href="https://axiomcore.info/doj-seizes-560k-in-<a href="https://axiomcore.info/uf-signs-deal-including-cryptocurrency-logos-in-the-swamp/” title=”UF signs deal including cryptocurrency logos in The Swamp”>cryptocurrency-allegedly-intended-for-hamas-disrupts-online-recruitment-network/” title=”DOJ seizes $560K in cryptocurrency allegedly intended for Hamas, disrupts online recruitment network”>cryptocurrency, and it’s still mined with the energy-intensive proof-of-work (PoW) consensus mechanism. Every four years, a scheduled “halving” halves its mining rewards and makes it more difficult to mine profitably.

More than 20 million of Bitcoin’s maximum supply of 21 million tokens have already been mined. That scarcity, which will intensify until the last Bitcoin is mined in 2140, makes Bitcoin more comparable to gold and silver than other cryptocurrencies. That’s why the Securities and Exchange Commission (SEC) classified it as a digital commodity before other cryptocurrencies. That classification paved the way toward the approval of its first spot price ETFs in early 2024.

If the U.S. continues to increase its money supply with expansionary monetary policies, the dollar will lose its purchasing power. Many investors buy gold as a hedge against the devaluation of the dollar, but Bitcoin could also serve the same purpose. Bitcoin is also easier to transfer and store than gold, and it doesn’t require any physical ownership. Bitcoin could also be increasingly used as legal tender in emerging markets struggling with hyperinflation.

As that trend accelerates, more institutional investors could accumulate Bitcoin. The potential passage of the CLARITY Act — which will establish a clear federal framework for regulating digital assets — could also drive those big investors to buy more Bitcoin.