Ark Invest's Cathie Wood Slashes Bitcoin Price Target Over Growing Stablecoin Mania

Cathie Wood, CEO of Ark Invest, has revised her bullish Bitcoin price forecast for 2030 down from $1.5 million to $1.2 million. This adjustment follows the rapid adoption of stablecoins, which Wood argues are increasingly fulfilling the role Bitcoin was expected to play. She noted that stablecoins are gaining traction for payments and scaling faster than Bitcoin. Major companies and banks are now looking to issue stablecoins, which were initially used by traders for entering and exiting digital asset trades without banking involvement. While Wood still believes Bitcoin has the potential to capture a significant portion of the gold market, the swift rise of stablecoins has led her to cut her target by $300,000. Additionally, institutional firm Galaxy has also lowered its end-of-year Bitcoin price target significantly from $185,000 to $120,000, indicating a transition in the market dynamics amid macroeconomic challenges and increasing liquidity concerns.

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