ARK Invest has raised its Bitcoin bull case prediction for the price of Bitcoin from $1.5 million to $2.4 million by the end of 2030, largely due to institutional investors and Bitcoin's growing reputation as digital gold.
ARK's bear and base scenarios for Bitcoin's price have also been raised to $500,000 and $1.2 million, according to ARK research analyst David Puell in an April 24 report.
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These figures were updated from ARK's previous predictions of $300,000 and $710,000 set on Feb. 11.
The price forecasts are based on Bitcoin's total addressable market (TAM), its potential market penetration and its supply schedule.