Ark Invest: Bitcoin's market value will reach $16 trillion by 2030, and the global cryptocurrency market may reach $28 trillion

According to Forbes, Ark Invest, led by Cathie Wood, released a report predicting that the market value of Bitcoin is expected to expand at a compound annual growth rate of about 63% over the next five years, growing from nearly $2 trillion currently to $16 trillion by 2030.

The report states, "Bitcoin is maturing as a leader in a new class of institutional asset." Ark Invest analysts believe that Bitcoin will drive the broader crypto market to reach $28 trillion by 2030 (currently about $2.8 trillion), with "smart contract networks and purely digital currency markets potentially expanding at an annual growth rate of about 61% to $28 trillion by 2030, with Bitcoin accounting for 70% of the market share, while the remainder is dominated by smart contract networks like Ethereum and Solana."