• Cathie Wood’s ARK Invest predicts that Bitcoin could reach $1 million per coin by 2030.
• Smart contract networks are expected to facilitate $450 billion in annual fees, driven by the five converging technologies of public blockchains, artificial intelligence, energy storage, robotics, and multiomic sequencing.
• Digital wallets have the potential to save payment transactions nearly $50 billion in costs with 3.2 billion users and are expected to grow at an 8% annual rate.
Ark Invest Expects BTC Price of $1M By 2030
Cathie Wood’s ARK Invest has released a report predicting that Bitcoin will hit $1 million per coin by 2030 and smart contract networks could facilitate up to $450 billion in annual fees. The overall investment thesis is based on five key converging technologies: public blockchains, artificial intelligence, energy storage, robotics and multiomic sequencing. These sectors are all expected to drive economic growth through digital assets such as crypto currencies and non-fungible tokens (NFTs). In addition, digital wallets are predicted to save nearly $50 billion in payment transaction costs over the next few years as more users adopt them around the world.
Five Converging Technologies
ARK Invest’s report centers around five key technologies which will shape the future: public blockchains, artificial intelligence (AI), energy storage devices, robotics and multiomic sequencing. Each one has been chosen for its potential impact on the economy and how it can be harnessed for growth. Public blockchains provide secure proof of ownership for digital assets such as crypto currencies or NFTs; AI enables machines to learn from data; energy storage can reduce electricity costs; robotics provide efficient labor solutions; while multiomic sequencing unlocks new insights into human health & genetics. All of these technologies combined can create immense value if properly leveraged.
Utility of Smart Contract Networks
Smart contract networks have seen a large increase in utility over recent years due to their ability to codify agreements between parties without intermediaries or third-party involvement required for enforcement. This reduces both cost savings and time savings for parties engaging in these transactions outside of traditional banking systems or other financial institutions. As such, there is an expectation that global NFT transaction volume will skyrocket from today’s $22 billion level to around $120 billion by 2027 – a more than five-fold increase over current levels – driving up demand for digital assets supported by blockchain technology & smart contracts alike.
Digital Wallets Disrupt Traditional Banking
Digital wallets have become increasingly popular over recent years due their convenience compared with traditional banking methods as well as their lower costs associated with sending payments online – both domestically & internationally – without requiring any intermediaries involved at all times (e.g., banks). With 3.2 billion users already onboarding these services worldwide (representing 40% penetration), this technology could easily disrupt traditional banking operations if it continues its rapid growth trajectory with another 8% increase year after year until 2027 when it hits 50% adoption globally according to ARK Invest research estimates .
Property Rights Enhance GDP per Capita
The establishment of property rights is also seen as crucial for increasing standard of living across countries worldwide since it helps bolster the value of digital assets which makes them easier to exchange thus providing individuals/investors/companies with greater access & liquidity options when trading them off against each other or against fiat currencies like US Dollars or Euros etc.. Historically speaking there has been a positive relationship between property rights – both physical & intellectual – together with GDP per capita meaning that nations where citizens enjoy greater freedoms tend towards higher wealth accumulation than those without them so establishing better legal protections should be beneficial overall even if only indirectly through creating more attractive conditions economically speaking overall