ARK Invest has increased its bullish Bitcoin price target from $1.5 million to $2.4 million by the end of 2030. This revision is influenced by the growing institutional adoption and the perception of Bitcoin as 'digital gold.' ARK’s analysis also revised its bearish and baseline scenarios to $500,000 and $1.2 million, respectively. ARK predicts Bitcoin could capture a 6.5% share of the $200 trillion financial market, excluding gold. Additionally, it estimates Bitcoin might seize 60% of gold's $18 trillion market cap by 2030. Other significant factors contributing to the bullish outlook include Bitcoin's role as a safe haven in emerging markets. A price of $2.4 million would raise Bitcoin's market capitalization to $49.2 trillion, nearly exceeding the combined valuations of the US and China. ARK’s bull and bear targets suggest Bitcoin must achieve compounded annual growth rates of 32% and 53%, respectively, to reach these valuations, a challenging feat for an asset already in the trillion-dollar range. Currently, Bitcoin is recovering from a low of $75,160 to around $94,000.

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