Ark Invest CEO Cathie Wood has slightly lowered her bullish bitcoin forecast due to the rising popularity of stablecoins.

"Stablecoins are reclaiming some of the role we thought bitcoin would take," Wood said on CNBC on Nov. 6. - Our optimistic forecast is $1.5 million [per bitcoin] by 2030. With everything that's going on right now with the stablecoins that are serving emerging markets the way we thought bitcoin would do, I think you can take about $300,000 out of that forecast - just because of the stablecoins. So keep an eye on that direction. Stablecoins are scaling much faster than anyone expected."

Previously, Cathie Wood's bitcoin growth forecast was one of the most ambitious in the industry, CNBC explains. Ark Invest has argued for years that bitcoin has the potential to become both a savings vehicle and a global settlement system. Now, however, Wood recognizes that stablecoins - digital tokens tied to traditional currencies - are beginning to fulfill some of those functions.

"Emerging markets play a huge role in this," Wood added. - We're starting to see financial institutions in the U.S. turning their attention to new payment channels centered around stablecoins. It's a very interesting movement."

That said, Wood remains a staunch supporter of bitcoin, pointing to growing institutional interest as a powerful driver of long-term value. "Bitcoin is the global monetary system, it's the flagship of a new asset class and a technology at the same time," she emphasized. - Institutions have only lightly touched this area so far. It's just beginning, and we have a long way to go."

Bitcoin fell below the $100,000 mark for the first time in more than four months this week amid a massive sell-off in risk assets. At the time of publication, it was trading at $102,000.

This article was AI-translated and verified by a human editor

Share