 
 
Crypto critic Peter Schiff criticized Cathie Wood’s bullish Bitcoin (BTC) price prediction amid community excitement. The Ark Invest CEO has been a long-time Bitcoin bull tipping higher prices as institutional investments hit all-time highs.
Cathie Wood Slashes Bitcoin Prediction
Schiff criticized Wood’s recent Bitcoin projection as a wild guess without an idea of the actual price trajectory. In a recent interview, Cathie Wood lowered her bullish Bitcoin price target to $1.2 million by 2030, highlighting emerging assets in macro markets.
Previously, she has pointed to a $1.5 million price for the crypto leader in the same time frame. However, recent drawbacks and the rise of stablecoins might impact the bullish case.
“Stablecoins are usurping part of the role we thought Bitcoin would play, so our bullish forecast out there is $1.5 million by 2020. Given what’s happening to stablecoins, which are serving emerging markets in a way we thought Bitcoin would, I think we can take $300K off that prediction just for stablecoins, so watch that space. Stablecoins are scaling much faster than anyone would have expected.”
The $300k trim was expected following recent crypto headwinds and fund flows to other assets. Stablecoins have gained mainstream traction, capturing a significant portion of Bitcoin’s expected market share. Institutional investors became fond of these assets due to their stability and link to the dollar.
 
A major risk for most centralized players is crypto volatility, making stablecoins a suitable bridge asset before Bitcoin accumulations. This year, stablecoin growth reached an all-time high, driven by traction from global participants following the introduction of new laws.
Mastercard, Stripe, and other payment firms have spurred partnerships to drive stablecoins. While these efforts aim to drive cross-border trades, traditional firms such as supermarkets and cab-hailing services are exploring stablecoins for easy payments, thereby cutting out unnecessary intermediaries.
The benefits, which range from lower cost to faster transactions, have fueled a new wave of adoption. Similarly, institutional investors were also attracted due to a change in government regulations in the United States and other jurisdictions.
For Schiff, stablecoin popularity alone is insufficient to gauge Bitcoin’s growth over the next five years. He added that Cathie Wood lowering her projection from a 15x to a 12x gain is ridiculous. Schiff has been a prominent anti-Bitcoin advocate for years and once hinted that the price would not soar above $100k, a milestone now attained.