The Bitcoin Price Explosion: How $2.4 Million Became the New $1

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What to know:

  • ARK Invest’s crystal ball now sees bitcoin somewhere between half a million and a casual $2.4 million by 2030 — fueled by guesses about who’s holding what and whether suits will finally join the party.
  • Bitcoin recently moonwalked to $93,000 with a helping hand from fewer coins hanging out on exchanges—Glassnode found the stash fell from 3 million BTC in November to 2.6 million. Fewer coins on exchanges = more faith? Maybe. 🤷‍♂️

ARK Invest, which apparently enjoys playing fortune teller with other people’s money, has kicked its bitcoin price target up to a dizzying $2.4 million for 2030. They decided to ignore the coins lost forever somewhere in the digital abyss (because who wants bad news?) and looked only at “active supply.” Bitcoin, the melodramatic star of the crypto ball, is currently flirting around $94,000—a number that seems almost reasonable by internet standards.

This bullish price projection is 60% juicier than their prediction from January 2024, translating into a dizzying 72% compound annual growth rate (CAGR). That’s analyst-speak for “your money will grow faster than your houseplants, hopefully.” In the more modest “base case,” bitcoin still struts to a million-plus dollar price tag, and even the bear case (don’t look now) promises half a million dollars—a figure that might buy you a house in a less stupid market than this one.

The numbers come with the imprimatur of David Puell, a man who looks at bitcoin’s “total addressable market” and the idea that institutions, nation-states, and even your eccentric uncle might decide bitcoin is the new gold. There’s talk of “on-chain financial services,” which sounds suspiciously like magic to the rest of us.

Back in November, Puell confidently guessed bitcoin would cozy up somewhere between $104,000 and $124,000 by year-end—bitcoin almost made it to $109,000 in January before deciding to sulk at $74,500 earlier this month. Ah, cryptocurrency: the rollercoaster ride with no seat belts.

Part of the recent rally? Less bitcoin lounging on exchanges and more being tucked away in private wallets like some precious digital hoard. Glassnode’s data notes a decline from 3 million coins in November 2024 to 2.6 million, which might be interpreted as holders saying, “I’m in this for the long haul,” or perhaps “I forgot my password.” Either way, bullish vibes are in the air. 🤑

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2025-04-25 12:24