ETH to hit $20 trillion market cap by 2030: Ark Invest

cointelegraph.com:

A new report from Cathy Woods’ ARK Invest forecasts Ethereum (ETH) will meet or even exceed a $20 trillion market cap within the next 10 years, which would equate to a price around $170,000 to $180,000 per ETH.

The report also predicted big things for Bitcoin (BTC), saying it is “likely to scale as nation-states adopt (it) as legal tender… the price of one bitcoin could exceed $1 million by 2030.”

ARK Invest is a tech focused American asset management firm based in the United States with $12.43 billion AUM.

#BigIdeas2022 Report is here! To enlighten investors on the impact of breakthrough technologies we began publishing Big Ideas in 2017. This annual research report seeks to highlight our most provocative research conclusions for the year. Download! https://t.co/QvUbuqVpIL

The prediction in ARK Invest’s report Big Ideas 2022 is predicated on how quickly the Ethereum network has grown in utility and efficiency. Much of the growth over the past two years has come from decentralized finance (DeFi). ARK described the appeal of DeFi, stating:

According to ARK, smart contracts and decentralized apps (DApps) on Ethereum is “usurping traditional financial functions at the margin.” The report highlighted that banking and lending, exchanges, brokerages, asset management, insurance, and derivatives can all be found on Ethereum-based smart contracts.

What’s more, DeFi is a lot more efficient too. ARK estimated that DeFi outperformed traditional finance over the last twelve months in terms of revenue per employee $88 million to $8 million.

In terms of Bitcoin, the report forecasts $1.36 million per BTC with a market cap of $28.5 trillion by 2030. ARK researchers assigned an estimated future value to eight of Bitcoin’s use cases, and used