Cathie Wood drops BTC forecast by $300K, says stablecoins eroding market share
Stablecoins have emerged as a store-of-value asset in emerging market economies at a rate no one predicted, Wood said on Thursday.
ARK Invest’s Cathie Wood has cut her long-term Bitcoin price projection by $300,000, warning that stablecoins are eroding Bitcoin’s role as a store of value in emerging markets.
“Stablecoins are usurping part of the role that we thought Bitcoin would play,” Wood, who previously forecast a top BTC price of $1.5 million by 2030, told CNBC on Thursday.
Stablecoins are scaling here, I think, much faster than anyone would have expected,” she said.