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ARK Says the Boom in Stablecoins Could Slow Down the Growth of Bitcoin

A cryptocurrency exchange kiosk in Istanbul, Turkey, on Monday, Nov. 8, 2021.

A cryptocurrency exchange kiosk in Istanbul, Turkey, on Monday, Nov. 8, 2021.

Photographer: Moe Zoyari/Bloomberg

ARK Investment Management, the firm behind several exchange-traded funds focused on innovation and disruption, is out with its latest Big Ideas report, offering up forecasts for things like crypto, artificial intelligence, gene editing, 3D printing and robotics.

The whole thing is a feast of big numbers and chart lines that are expected to go up and to the right dramatically over the next 10 years. This slide shows the huge money gains they see in a number of categories: 

Obviously, Bitcoin specifically — and crypto/blockchain more broadly -- has been weak lately, along with the rest of these categories. But ARK still sees potential for gigantic returns in the coming years. In fact, the firm believes that one Bitcoin could still hit $1 million by 2030. Here’s the math on that: