Even as crypto markets have decreased by more than $1 trillion, Cathie Wood’s Ark Invest is making an extremely bullish call on the price of ethereum in a new report they published this week.
According to Ark Invest, the 2nd largest cryptocurrency will surpass a $20 trillion market capitalization by 2030. Each coin would be priced at around $170-180k. Based on its current price of about $2,500, ether would have to increase by about 7,200% to meet this target.
Ark Invest believes that ethereum could “displace many traditional financial services” as decentralized finance gains traction, laying the groundwork for ether — ethereum’s native token — to compete as a global currency.
“As financial services move on-chain, decentralized networks are likely to take share from existing financial intermediaries,” the Ark Invest report said. Ark Invest predicts ether will be a primary beneficiary of this shift.
Ethereum was not the only crypto mentioned in the report. According to Ark Invest the price of a single bitcoin could “exceed $1 million by 2030 as investors remain focused on its long-term value.”
Ark Invest’s forecasts for both ether and bitcoin are extremely bullish. Ether has decreased in price by more than 21% over the last week, and is well off its record near $5,000 in November.
Bitcoin has similarly decreased by more than 50% since its November all-time high of $69,000. JPMorgan, in its new report, said that the most recent decline in bitcoin makes even a $150,000 long-term target less likely.