Cryptocurrency analyst predicts bitcoin’s growth to $ 1 million

Yassin Elmandjra, an analyst at Ark Investment Management, supported the position of its founder Katie Wood, agreeing that bitcoin has a chance to reach $ 1 million by 2030.

During his recent interview with Bloomberg, Elmanjra emphasized that the flagship cryptocurrency will grow in value despite the opinions of skeptics. Despite the current decline in BTC and altcoins, the Fed’s interest rate hike, and rising inflation in the United States, Ark Investment expects bitcoin to grow significantly in the coming years.

«When we look at the potential of bitcoin, we segment it into several use cases — from a digital store of value, to a settlement network, to an insurance policy against arbitrary asset seizures. When you add up all these options, you get a possible capitalization of $ 28 trillion, which means more than a million dollars for 1 bitcoin,» Yassin Elmanjra shared his point of view.

At the time of writing, BTC is trading for $ 19,662, recovering from a previous 4% drop that occurred due to the publication of inflation data in the United States. Bitcoin sales surged, causing a loss of $ 8.48 billion in market capitalization in the first two hours after the inflation report. The US government’s tough policies have reduced demand for cryptocurrencies, so many investors have started selling their digital savings.