Billion-dollar asset manager ARK Invest has raised its “bull case” Bitcoin price target from $1.5 million to $2.4 million by the end of 2030, driven largely by institutional investors and Bitcoin’s increasing acceptance as “digital gold.”

ARK’s “bear” and “base” case scenarios for the price of Bitcoin (BTC) were also bumped up to $500,000 and $1.2 million, ARK research analyst David Puell said in an April 24 report.

The new bear and base targets were bumped up from ARK’s $300,000 and $710,000 Bitcoin price predictions on Feb. 11.

ARK’s price projections were modeled on Bitcoin’s total addressable market (TAM), penetration rate — the percentage of Bitcoin’s TAM that it could capture in certain cases — and Bitcoin’s supply schedule.

ARK’s bear, base and bull case price targets for Bitcoin by Dec. 31, 2030. Source: ARK Invest

“Institutional investment contributes the most to our bull case,” said Puell, who estimated that Bitcoin would achieve a 6.5% penetration rate into the $200 trillion financial market in a best-case scenario (that figure excludes gold).

Bitcoin’s acceptance as “digital gold” was also a major contributor to the lofty estimate, with Puell estimating that it could capture up to 60% of gold’s $18 trillion market cap (2024 figures) by the end of 2030 in a bull scenario.

Bitcoin becoming a “safe haven” in emerging markets was the third-largest contributor to ARK’s $2.4 million bull case prediction at 13.5%.

“This Bitcoin use case has the greatest potential for capital accrual,” Puell said, pointing to Bitcoin’s ability to protect wealth from inflation and devaluation in developing countries.

Nation-state and corporate Bitcoin treasury strategies and Bitcoin financial services were also factored into ARK’s Bitcoin price projections.

Bitcoin use cases contributing to ARK’s Bitcoin price targets. Source: ARK Invest

ARK’s Bitcoin predictions are bold

A $2.4 million Bitcoin price tag would send Bitcoin’s market cap to $49.2 trillion, assuming that Bitcoin’s total supply will have reached 20.5 million by the end of 2030.

A $49.2 trillion valuation would be almost larger than the current gross domestic products of the US and China combined.

It would also put Bitcoin in a good position to overtake gold as the world’s largest asset, which currently boasts a market cap of $22.5 trillion.

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Even ARK’s bear and base targets of $500,000 and $1.2 million would mean Bitcoin needs to increase at a compounded annual growth rate of 32% and 53% by the end of 2030 — a return that isn’t achieved too often for assets that have already notched trillion-dollar valuations.

Since then, Bitcoin has recovered from a 2025 low of $75,160, soaring back up to the $94,000 range, while the Trump administration established a Strategic Bitcoin Reserve.

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