Cathie Wood's Ark Invest says bitcoin could hit $1.5 million by 2030, doubling down on its bullishness for the world's largest cryptocurrency

• Ark Invest said bitcoin could hit nearly $1.5 million by 2030, a 6,326% increase from its current price.
• Bitcoin is off 65% from its record high amid a lengthy crypto bear market.

Cathie Wood's Ark Investment Management said bitcoin could hit $1.48 million by 2030, a 6,326% increase from its current price.

That's under its bull-case scenario, while its base case sees bitcoin reaching $682,800 by that time. The crypto is currently trading flat at $23,031 on Wednesday, according to Messari.

Ark detailed the token's outlook in a new report, which predicted that bitcoin could "scale into a multi-trillion dollar market" by the end of the decade. Even the famed money manager's bear case for bitcoin is a price target of $258,500 in the next seven years, a 1,022% increase from the crypto's current price.

The firm maintained that bitcoin's fundamentals are sound despite a turbulent 2022. To support its bold calls, the report pointed to continued institutional adoption, higher hash rates, and long-term holder supply of bitcoin.

The bullish estimates come amid a severe and lengthy crypto market rut. Bitcoin is down 65% from its all-time high in November 2021, with the industry's total market value off over 64% from its peak.

Crypto markets took hits in the past year on inflation concerns, leaving traders with little risk appetite, along with a series of industry bankruptcies, which caused widespread contagion. Sam Bankman-Fried's FTX, crypto fund Three Arrows Capital, and centralized lender Celsius all landed in bankruptcy court.

"Contagion caused by centralized counterparties has elevated Bitcoin's value propositions: decentralization, auditability, and transparency," the report said. "Its network fundamentals have strengthened and its holder base has become more long-term focused."

This isn't Wood's or Ark's first eyebrow-raising price prediction. In May of 2021, Wood told Bloomberg that bitcoin will likely rise to $500,000 in 2026.

"We think bitcoin is coming out of this smelling like a rose," she said after FTX's market-moving bankruptcy filing.

Ark continues to double down on its crypto-related bets despite the downturn in digital assets. Since the start of the year, Ark's flagship exchange-traded fund, ARKK, bought 108,548 Coinbase shares, worth $6.3 million at its current price. ARKK surged 28% in January, notching its best monthly performance ever.