The firm believes Bitcoin's value could surge due to its status as 'digital gold,' increased institutional investment, and its potential as an emerging-market currency, with estimates that institutional investors might hold up to 6.5% of their $200 trillion assets in Bitcoin by 2030, totaling around $13 trillion.

Bitcoin is often regarded as a digital version of gold, favored for its portability, scarcity, transparency, and decentralized blockchain, which has helped it gain regulatory approval for ETFs, making it more accessible to investors.

The 'digital gold' thesis suggests Bitcoin could capture 60% of the total value of all above-ground gold reserves, adding approximately $16 trillion to its market cap.

Bitcoin is the world's largest cryptocurrency with a market capitalization of $2.3 trillion, having outperformed other assets with a 46,040% gain over the past decade due to its decentralized nature and capped supply of 21 million coins.

Achieving Ark's $2.4 million target would imply a market capitalization of around $50.4 trillion, nearly as large as the combined value of the entire S&P 500, though skepticism remains about the feasibility of such rapid growth.

Bitcoin's potential as an emerging-market currency could enable citizens in developing countries to hedge against inflation and currency devaluation, given its accessibility and decentralization.

Despite the optimistic forecasts, skepticism exists regarding Ark's assumptions, especially the rapid increase in institutional investments needed to reach the projected market cap and price, prompting investors to manage expectations and consider diversification.

Ark Invest, founded by Cathie Wood, is highly bullish on Bitcoin, predicting it could reach $2.4 million per coin by 2030, representing a 2,000% increase from its current price of about $115,000.