Bitcoin's decline has been a topic of discussion among investors and analysts. The cryptocurrency's value has decreased by 40% since its peak last year, with its market capitalization now standing at $1.4 trillion.
The lack of conviction in the bullish case for Bitcoin is evident, as many of its original drivers have lost relevance. This includes its potential as a digital replacement for gold and a basic payment mechanism. However, some analysts remain optimistic about its future prospects.
Strategy co-founder Michael Saylor predicts that Bitcoin will soar to $21 million per coin by 2045, while ARK Investment Management forecasts a market capitalization of $16 trillion by 2030. This would translate to $762,000 per coin based on a fully diluted supply of 21 million coins.