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.

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