Amid this week’s crypto market correction, Ark Invest CEO and CIO Catie Wood has lowered her bullish Bitcoin (BTC) forecast for 2030, highlighting the stablecoin sector’s global momentum.
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Stablecoins take over part of BTC’s role
On Thursday, Ark Invest CEO Cathie Wood said connected CNBC’s “Squawk Box” to discuss Bitcoin’s price, her thoughts on the growth of stablecoins and how her previous bullish forecast for the flagship crypto has evolved over the past year.
In the interview, Wood underlined that the rapid rise of stablecoins is taking on a role she thought BTC could play, leading to a 20% reduction from her forecast of $1.5 million by 2030. It’s worth noting that the investment management firm previously confirmed that the leading cryptocurrency could serve as a store of value and global settlement system.
“Stablecoins are taking over some of the role we thought bitcoin would play,” Wood confirmed Thursday morning. “Given what’s happening with stablecoins, which serve emerging markets in a way that we thought bitcoin would, I think we could maybe take $300,000 off that bullish case just for stablecoins.”
“Emerging markets are huge in this regard,” she said, adding that “we are starting to see institutions in the United States focus on new payment rails, with stablecoins at the core. So a very interesting move.”
Notably, the sector has seen rapid adoption following the enactment of the GENIUS Act in the US, with other leading jurisdictions, including Britain and South Korea, pushing to put in place their own regulatory framework in the coming months.
Likewise, several leading companies in the traditional payment system are preparing strategic moves into the stablecoin sector. Last week, global financial services company Western Union announced its plan to launch the US Dollar Payment Token (USDPT) on the Solana blockchain.
According to Wood, “Stablecoins are scaling much faster here than anyone expected,” making it a place to keep an eye on in the future.
Wood is still optimistic about Bitcoin
Despite recalibrating her 2030 bull case, Ark Invest’s CEO emphasized that she remains bullish on Bitcoin, noting that growing institutional adoption will be a powerful driver of long-term value.
Currently, the flagship cryptocurrency is down 20% from its October 6 all-time high (ATH) of $126,000, briefly falling below the $100,000 mark earlier this week. Nevertheless, most market analysts and investors remain optimistic about BTC’s long-term performance.
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Wood emphasized that “Bitcoin is a global monetary system, it is the leader in a new asset class, and it is a technology, all wrapped into one.” She added that institutional participation in the sector has only just begun, stating: “Institutions have really only just dipped their toes into this space. We’ve only just started, so we still have a long way to go.”
The CEO concluded her observations by confirming that the broader crypto ecosystem is expanding and not shrinking. “I think the whole space is getting bigger,” she concluded.
Featured image from Unsplash.com, chart from TradingView.com