growth opportunities
Nevertheless, Ark’s cryptocurrency analyst Yassin al-Manjra said in an interview with Bloomberg TV on Tuesday that there is still a huge and favorable opportunity in Bitcoin and reiterated his company’s opinion that the price of one Bitcoin will exceed $1 million. next years..
He added: “When we look at (bitcoin’s) potential, we break it down into several use cases, from competition as a digital store of value, to a settlement network, to an insurance policy against arbitrary asset seizure… When you put all these use cases together, approx. You’re getting a $28 trillion opportunity, which is over $1 million per bitcoin.”
However, this summer the company relinquished its position as the third-largest shareholder in US-based cryptocurrency exchange Coinbase Global, divesting some of its holdings as recently as late July amid an investigation by the US Securities and Exchange Commission. Three Arc Investment Management funds had $75 million at the time. sold more than 1.41 million units worth $.
Institutional investors are on their way to dominate the cryptocurrency markets
It hasn’t been a good year for the $7.1 billion Arc Innovation exchange-traded fund, which on Tuesday was near its lowest close since March 2020. The fund is down 62% in 2022 as it cautions against global risks. S&P 500, but Almanjra maintains a long-term bullish view on Bitcoin.
Al-Manjara said during a television interview: “When you look at (Bitcoin) as a strategic asset, a non-sovereign money and censorship-resistant, competing with central banks and fiat currencies, (Bitcoin) is in limited supply. 21 million, I think there is an arms race, especially as we move from the digital world to the physical world to become an asset independent of traditional financial systems and traditional asset classes.
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