The optimistic forecast for Bitcoin reaching $2.4 million by 2030 is rooted in its first-mover advantage, scarcity, and potential as a digital gold alternative, supported by increasing institutional and country-level adoption.

Since its launch in 2009, Bitcoin has been mined using proof-of-work, which consumes significant energy and undergoes halving events every four years that reduce mining rewards.

Bitcoin's supply is capped at 21 million coins, with approximately 19.9 million already mined, reinforcing its scarcity and drawing comparisons to gold and other hard assets.

With a market cap of about $2.2 trillion, Bitcoin is the third-largest commodity after gold and silver, and its decentralized nature and scarcity make it an attractive hedge against inflation.

Cathie Wood, founder of Ark Invest, remains highly bullish on Bitcoin, projecting its price could surge approximately 2,122% from around $108,000 to $2.4 million by 2030 in an aggressive bullish scenario.

Ark Invest's report suggests Bitcoin could reach $2.4 million in an extremely bullish market, with a base case estimate of $1.2 million and a bear case of $500,000, indicating substantial gains even in pessimistic scenarios.

In late 2023, Ark Invest launched five crypto ETFs, but only the ARK 21Shares Bitcoin ETF (ARKB), which tracks Bitcoin's spot price, remains active.