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ARK Invest CEO Cathie Wood, one of the loudest Bitcoin (BTC) cheerleaders, just trimmed her 2030 price target by 12%. This adjustment is based on the rapid expansion of the stablecoin market, according to Wood.
Ark Invest CEO gives $1.5 million Bitcoin target $300K cut
According to reports from CNBC, Wood reduced her 2030 Bitcoin target from $1.5 million to $1.2 million.
Wood thinks stablecoins are stealing the jobs she thought Bitcoin would do. Thus, she made the $300,000 downward adjustment to her 2030 BTC target.
The Ark Invest CEO explained that she anticipated that Bitcoin would serve as a store of value and a global settlement system. However, it turns out the market now perceives stablecoins as a store of value and digital money.
Wood emphasized that stablecoins are scaling faster than expected, particularly in emerging markets. Still, she maintained a strong bullish outlook for Bitcoin, driven by factors like institutional adoption.
Notably, Wood shared the $1.5 million BTC prediction in November 2024. At the time, she cited regulatory clarity and institutional adoption as factors to propel the Bitcoin surge.
She explained that these factors would strengthen Bitcoin’s position as a valuable asset class and an essential tool for portfolio diversification.
Wood began investing in BTC in 2015 and remains a strong BTC supporter. She even disclosed in a recent U.Today report that she prefers buying BTC to Ethereum (ETH).
Stablecoin expansion reshaping perspectives
Crucially, the stablecoin market has witnessed increased adoption over the past few years. Stablecoins are essential digital cash, and people already use them to buy groceries, pay salaries and even dodge inflation.
Ripple has highlighted infrastructure as the key element that makes a stablecoin truly useful. This is in addition to interoperability, transparency and scalability.
Jack McDonald, CEO of Standard Custody and SVP of Stablecoins at Ripple, emphasized that the design of a stablecoin is critical. McDonald noted that a stablecoin should also provide complete transparency around reserves and redemption.
Meanwhile, Ripple's RLUSD stablecoin has crossed the one-billion supply milestone almost a year after launching.
This milestone is a bullish development for the Ripple ecosystem as it suggests growth in the stablecoin. It is primarily fueled by increased adoption among retail and institutional investors.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team