Investing in cryptocurrency typically comes with a lot of ups and downs. But if you’re able to stomach the volatility, you could make some incredible profits.
Bitcoin (CRYPTO: BTC), for example, has seen its value increase roughly 1,600% since the start of 2020. But that includes plunges of 25% or more on five separate occasions. The cryptocurrency lost more than half its value in 2021 before recovering to a new all-time high, just to lose more than three-quarters of its value in 2022.
While Bitcoin currently sits near its all-time high once again, Cathie Wood’s Ark Invest thinks it can keep climbing higher during the next 5 1/2 years. She and her team put a price target of $2.4 million on Bitcoin, according to the analysts’ bull case for the cryptocurrency. That represents upside of more than 1,900%.