Despite a severe downturn, public blockchains continue to foster multiple revolutions and one of them is bitcoin (BTC), says ARK Invest in its 2023 Big Ideas research report.

Bitcoin, in the eyes of ARK, is still predicted to close the decade at $1 million because its fundamentals are sound – despite a turbulent 2022.

“Contagion caused by centralized counterparties has elevated Bitcoin’s value propositions: decentralization, auditability, and transparency,” ARK writes. “Its network fundamentals have strengthened and its holder base has become more long-term focused.”

ARK backs up this claim by pointing to a higher hash rate, long-term holder supply, and addresses with a non-zero balance compared to the prior downturns.

(By Sam Reynolds)