Ark Invest's Cathie Wood Slashes Bitcoin Price Target Over Growing Stablecoin Mania
Cathie Wood, CEO of Ark Invest, has revised her Bitcoin price target for 2030 down from $1.5 million to $1.2 million, citing rapid growth in stablecoin adoption. She noted that stablecoins, which are gaining traction among banks and corporations for payments, are encroaching on the role Bitcoin was anticipated to fill. Wood stated that stablecoins are effectively serving emerging markets in ways Bitcoin was expected to, necessitating the adjustment in her bullish price forecast. Wood believes that even with this revision, Bitcoin still has the potential for monumental growth and could claim a significant share of the gold market as a digital store of value. Meanwhile, Galaxy Digital has also revised its end-of-year Bitcoin price target from $185,000 to $120,000 following a recent drop in Bitcoin's price, indicating a new phase marked by increasing institutional engagement and reduced volatility in the market.
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