 
 
Cathie Wood, the CEO of Ark Invest, has scaled back her bullish Bitcoin forecast because of how useful stablecoins are becoming.
The outspoken Bitcoin investor, whose Ark Invest is one of the issuers of a spot Bitcoin exchange-traded fund (ETF), ARKB, said during a Thursday interview with CNBC that she had slashed approximately $300,000 from her prior long-term bull case for the world’s largest and oldest cryptocurrency.
It comes after BTC dropped below $100,000 for the first time in six months earlier this week.
From $1.5M To $1.2M
She now expects Bitcoin to hit a bullish price target of $1.2 million per coin by 2030, which is a substantial cut from her previous call of $1.5 million by that year.
Ark Invest had previously predicted that BTC could reach $1,500,000 in price by 2030 in a bullish scenario, although the firm had upped that estimate to a staggering $2.4 million in April based on a more aggressive modeling framework.
 
Wood stated that stablecoins are scaling faster than Bitcoin and increasingly serving as digital dollars for payments instead of the flagship cryptocurrency.
“Stablecoins are usurping part of the role we thought Bitcoin would play,” she opined. “Given what’s happening to stablecoins — serving emerging markets in the way we thought Bitcoin would — I think we could take $300,000 off of that bullish case [for Bitcoin].”
Stablecoins are cryptocurrencies whose value is tied to another non-volatile asset, such as the U.S. dollar or gold. They play a key role in crypto markets, providing a payment infrastructure, and are also used to transfer money globally. Tether’s USDT is currently the industry’s biggest stablecoin, followed by Circle’s USDC.
Stablecoin momentum has been largely buoyed by the signing into law of the landmark GENIUS Act into law by U.S. President Donald Trump, establishing a framework for issuing and trading stablecoins in the U.S.
Despite the tempered remarks, Wood still believes Bitcoin could still grow significantly as an asset and steal half of the gold market as investors increasingly see it as “digital gold.”
“I think the whole [crypto] space gets bigger,” she continued. “We have a long way to go.”
The price of Bitcoin hovered around $101,063 as of press time, according to CoinGecko, down 20% since it hit an all-time high of $126,080 just last month.