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

ARK Invest CEO Cathie Wood recently made an important update regarding the future of Bitcoin with her latest statements. The rapid rise of the developed 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 have been growing faster than expected, taking up space in the crypto ecosystem.

In an interview with CNBC, Wood noted that the use of stablecoins like USDT and USDC as digital dollars in particular developing countries has led to them taking on some functions that Bitcoin was expected to fulfill. Wood stated, “Stablecoins are taking over some of the functions we thought Bitcoin would take on. Therefore, we may need to remove about 300 thousand dollars from our bullish scenario,” she said.

In previous reports, ARK Invest had set a 2.4 million dollar target for Bitcoin in its 2030 bullish scenario. However, with this revision, it implied that the target has dropped to approximately 2.1 million dollars. It is known that the previously published base scenario was 1.2 million dollars, while the bearish scenario was 500 thousand dollars.

The rise of stablecoins is also transforming Bitcoin's traditional role. Wood stated that Bitcoin is still "digital gold" and should continue to be the foundation of the new global financial system. However, the stablecoin supply reaching 260 billion dollars has significantly narrowed Bitcoin's role as a “cash-like payment instrument.”

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

As of the writing of this article, Bitcoin is trading at approximately 102 thousand 300 dollars, reflecting a 19% decline from its peak of 126 thousand dollars at the beginning of October.