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ARK Invest's High Bitcoin Forecast
- ARK Invest raised its 2030 Bitcoin price target to $2.4 million in a bull case scenario reflecting increased institutional adoption and reduced active supply.
- The base case is $1.2 million and bear case $500,000, implying strong compound annual growth against Bitcoin's supply decline.
Bitcoin ETF Inflows Surge
- Bitcoin surged above $94,000 due to $2.8 billion inflows into U.S. Bitcoin ETFs, led by BlackRock's IBIT attracting $1.3 billion.
- Large investors known as crypto whales are aggressively accumulating, while exchange outflows indicate preference for long-term holding.
Fed Softens Crypto Bank Guidance
- The Federal Reserve and related agencies withdrew 2023 guidance urging banks to be cautious of crypto activities, signaling more permissive crypto banking policies.
- This move may facilitate broader crypto adoption in traditional finance but banks must still comply with laws and risk management.