Cathie Wood trims bitcoin bull case by $300,000 as stablecoins ‘usurp’ part of its key use case
Cathie Wood reduced her long-term bitcoin price forecast by $300,000 because stablecoins are fulfilling payment and savings roles she expected bitcoin to dominate.Summary
ARK Invest CEO Cathie Wood announced she is trimming approximately $300,000 from her prior long-term bull case for Bitcoin, explaining that stablecoins are scaling faster than anticipated and are "usurping" some of the functions they expected Bitcoin to fulfill, particularly in emerging markets for payments and savings.
Wood clarified that this adjustment relates to her firm's earlier long-term forecast, which had been raised to $2.4 million by 2030. Despite this reduction, she maintained that Bitcoin remains "digital gold" and a foundational element of a new global monetary system, contrasting it with dollar-pegged stablecoins which represent cash rather than a self-contained asset.
Her comments reflect the evolving digital-asset landscape, where the rapid growth of stablecoins like USDT and USDC (with a combined supply near $260 billion) is reshaping areas previously projected for Bitcoin dominance. This reassessment comes as other institutions also adjust their forecasts, with Galaxy Digital lowering its year-end target and JPMorgan suggesting a potential rise toward $170,000.
(Source：The Block)