Despite the severe economic downturn, public blockchain technology has once again inspired a variety of reforms, and Ark Invest pointed out that Bitcoin is one of them in the "Big ideas" survey in 2023.

That's why, in the eyes of the Ark, BTC is still expected to reach $1 million by the end of the decade, because its stock fundamentals are sound-though 2022 is undoubtedly volatile.

"the infection caused by centralized counterparties has improved the target group of bitcoin: decentralization, financial auditability and clarity," Ark wrote. " "the fundamentals of its Internet stocks have improved, and its holders have basically become more and more focused on the long-term."

Ark stressed that the hash rate was higher than in previous economic downturns, and that the balance of long-term holders' supply and detailed address accounts was non-zero, which in turn contributed to this claim.

Ark shows that because of this basically stability, Bitcoin has once again outperformed traditional asset classes.

On the premise of a five-year compound annual growth rate, the average Bitcoin rose 272%, the global stock market index rose 6.1%, global bonds generated a 1.4% yield, and gold rose 2.2%.

This is not the first time the Ark or its CEO Nienfeld has made such a bold attempt to predict the upward trajectory of bitcoin. In an interview with Bloomberg News in May 2021, Field made her first bold price forecast, predicting that bitcoin could exceed $500000 by 2026. In early 2022, she raised her chips to 1 million yuan in 2030.

In all December and January, Ark also had a strong eye on Coinbase, continuing to expand its currency trading position by buying about $30 million of shares.

In the recent month, Bitcoin has risen 74%, mainly better than Bitcoin.

While Wood and Ark are known for their positions and opinions on Bitcoin, the report also deals with blockchain smart contracts and decentralized finance.

"as the value of symbolic assets increases on the sprocket, the Internet of decentralized applications and smart contracts supporting them could generate an annual salary of $450 billion and a market value of $530 million by 2030," the Ark report said. "

ETF (ARKK), the Ark's breakthrough, is up 31% recently, and ETF (ARKW), the next-generation Internet, is up 32%.