Despite the fact that a bear market might be taking over, fund managers remain hopeful about the crypto-space in the long-term. In fact, the most recent report by Cathie Woods’ ARK Investments has claimed that both Bitcoin[1] and Ethereum[2] have trillion-dollar futures lying ahead, owing to their continued growth in utility.
Hope for Ethereum
The report boldly predicted that the market capitalization of Ethereum could cross $20 trillion dollars within the next 10 years. This could push up Ether’s price to around $170,000 to $180,000, despite the fact that it is currently sitting at $2,410 after losing 22.2% of its value over the past week.
Bitcoin to cross $1 million?
As for Bitcoin, the report predicted that the king coin is “likely to scale as nation-states adopt (it) as legal tender,” adding that “the price of one Bitcoin could exceed $1 million by 2030.”
Ark Invest based its bullish outlook for Ethereum on its rapid growth in both utility and user base, boosted by the emergence of niche sectors such as non-fungible tokens (NFT). However, the most appealing sector has been that of decentralized finance (DeFi), which ARK described as,
“Decentralized Finance promises more interoperability, transparency, and financial services while minimizing intermediary fees and counterparty risk.”
The report further noted that smart contracts and decentralized apps (DApps) on Ethereum are “usurping traditional financial functions at the margin.” According to the same, banking and lending, exchanges, brokerages, asset management, insurance, and derivatives can all be found on Ethereum-based smart contracts. It said,
“According to ARK’s research ether (ETH) is both the preferred collateral in DeFi and the unit of account in NFT marketplaces, suggesting that it is likely to capture a portion of the $123 trillion global money supply.”
Source: ARK Invest
It was further
