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

ARK Invest CEO Cathie Wood made 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 300,000 dollars. Wood emphasized that while Bitcoin's long-term potential is still intact, the growth of stablecoins has surpassed expectations, taking up space in the crypto ecosystem.

Speaking to CNBC, Wood noted that especially in developing countries, the use of stablecoins like USDT and USDC as digital dollars has resulted in them taking over some of Bitcoin's functions. Wood stated, “Stablecoins are taking over some of the functions we thought Bitcoin would fulfill. Therefore, we may need to remove about 300,000 dollars from our bullish scenario,” she said.

In its previous reports, ARK Invest had set a target of 2.4 million dollars for Bitcoin in its 2030 bullish scenario. However, this revision implied that the target has now declined to around 2.1 million dollars. The previously published base scenario was known to be 1.2 million dollars, while the bear scenario was 500,000 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 coincide with a period when other major investment institutions are also reevaluating their predictions. Galaxy Digital set its year-end Bitcoin target at 120,000 dollars due to large investor sales and a shift towards alternative investments. Meanwhile, JPMorgan analysts predict that with the decrease of leverage effects in futures markets, Bitcoin’s price could rise to 170,000 dollars within the next 6 to 12 months.

As of the time of this writing, Bitcoin is trading at approximately 102,300 dollars, which marks a 19% decline from the 126,000 dollars peak at the beginning of October.