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Yassine Elmandjra analyst at ARK Invest believes bitcoins valuation could skyrocket beyond $1 million per coin in the following years.

Earlier in 2022, a research team of the company estimated that the market capitalization of the primary cryptocurrency could reach $28.5 trillion by 2030.

Bitcoin and the broader cryptocurrency market have seen better days. During the past several months, the leading digital asset has lost a significant chunk of its valuation, while investors seem less enthusiastic about entering the ecosystem due to the ongoing negative macroeconomic situation.

And while numerous companies and individuals forecast a gruesome future for BTC, albeit in the short term, ARK Invest remains overly positive.

In a recent interview for Bloomberg, Yassine Elmandjra an analyst at the organization outlined the cryptocurrencys merits, including its ability to serve as a store of value, to conduct settlements, and to act as an insurance policy.

Keeping those benefits in mind, he said its market capitalization has a chance to reach $28 trillion, which translates to more than a million dollars per bitcoin.

He also outlined Bitcoins limited supply hard cap of 21 million coins and its decentralized nature that allows it to compete against central banks and fiat currencies.

I think there is an arms race especially as we shift from the digital to the physical world to be an asset independent of the traditional financial systems and traditional asset classes, he concluded.

His current statement is in direct continuation and support of the companys previous prediction that BTC can reach $1.36 million per coin by 2030.

Michael Saylor the Executive Chairman and former CEO of MicroStrategy also thinks that the cryptocurrency can reach $1 million.

In May this year, the American entrepreneur argued that BTC does not have a price target, expecting it to soar into the millions.

A month later, Saylor praised it as the best financial instrument in terms of adoption levels and investor protection. He also claimed bitcoin is obviously better than gold and everything that gold wants to be, while its use cases will lead to a huge price rally in the foreseeable future.

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Heres Why ARK Invest Analyst Maintains Bitcoin at $1 Million Prediction - CryptoPotato