Cathie Wood Shocks Market by Lowering Bitcoin Price Prediction

Stablecoins Impact on Bitcoin: ARK Invest CEO Cathie Wood stated that stablecoins are taking over some functions previously attributed to Bitcoin, reducing its long-term bull scenario by approximately $300,000.

Stablecoins as Digital Currency: Wood highlighted that stablecoins are scaling rapidly, especially in developing countries, where they now serve as a “digital dollar” for payments and savings, a role initially expected for Bitcoin.

Revised Bitcoin Forecast: Wood's comments refer to ARK Invest's adjusted bull case for Bitcoin, which was raised to $2.4 million in April, but now factors in a $300,000 reduction due to the rise of stablecoins.

Bitcoin's Unique Position: Despite the rise of stablecoins, Wood emphasized that Bitcoin remains a vital asset, likening it to “digital gold” and noting that institutional investors are beginning to engage with it as part of a new global financial system.