Cathie Wood has lowered her Bitcoin target to $300,000.

ARK Invest CEO Cathie Wood provided an important update on the future of Bitcoin with her recent statements. The rapid rise of the advanced stablecoin market has led to a reduction in Bitcoin's 2030 target to 300 thousand dollars. Wood emphasized that while Bitcoin's long-term potential remains intact, stablecoins are occupying a larger space in the crypto ecosystem, growing faster than expected.

Speaking to CNBC, Wood noted that the use of stablecoins like USDT and USDC as digital dollars in emerging markets has led to them taking over some of Bitcoin's functions. "Stablecoins are taking over part of the functions that we thought Bitcoin would serve. Therefore, we may need to remove around 300 thousand dollars from our bullish scenario," she said.

In previous reports, ARK Invest set a target of 2.4 million dollars for Bitcoin's bullish scenario in 2030. However, with this revision, it implied that the target has dropped to approximately 2.1 million dollars. The previously published base scenario was known to be 1.2 million dollars, with the bear scenario at 500 thousand dollars.

The rise of stablecoins is also transforming Bitcoin's traditional role. Wood stated that Bitcoin is still "digital gold" and must continue to serve as the foundation of the new global financial system. However, the supply of stablecoins, which has reached 260 billion dollars, has significantly reduced Bitcoin's role as a "cash-like payment instrument."

Wood's remarks come at a time when other major investment firms are also revising their forecasts. Galaxy Digital has set a year-end Bitcoin target of 120 thousand dollars due to significant investor sell-offs and a shift towards alternative investments. Meanwhile, JPMorgan analysts anticipate that, with the reduction of leverage effects in futures markets, the price of Bitcoin could rise to 170 thousand dollars within the next 6 to 12 months.

At the time of writing, Bitcoin is trading at approximately 102 thousand 300 dollars, marking a 19% decline from its peak of 126 thousand dollars at the beginning of October.