Cathie Wood Lowers Bullish Bitcoin Forecast by 20%
Target Price Adjusted from $1.5 Million to $1.2 Million
"Stablecoins Expanding Rapidly... Replacing Bitcoin"
Bitcoin, the leading cryptocurrency by market capitalization, has fallen below $100,000 for the first time since June and continues to show a downward trend. Amid this, Cathie Wood, CEO of ARK Investment Management-well-known for her cryptocurrency investments and often referred to as "Money Tree Sister"-has revised her previous bullish outlook on Bitcoin downward by 20%. As one of the most prominent Bitcoin optimists, her forecast is drawing significant attention from investors.
"Stablecoins Are Taking Bitcoin's Place"
On November 6 (local time), CEO Wood stated in an interview with CNBC in the United States that, regarding the long-term price outlook for Bitcoin, "Stablecoins are taking over some of the roles I thought Bitcoin would fulfill," suggesting that her previous projection of Bitcoin reaching $1.5 million (approximately 2.17 billion KRW) by 2030 may need to be revised.
She said, "Considering the role stablecoins are playing in emerging markets, we probably need to subtract $300,000 from that (Bitcoin) bullish forecast." This adjustment lowers her previous long-term target from $1.5 million by about 20%, bringing it to $1.2 million. CEO Wood added, "Stablecoins are expanding much more rapidly than anyone anticipated," and noted, "U.S. institutions have also started to pay attention to new payment infrastructures centered around stablecoins, which is a very interesting development."
Stablecoins are digital tokens pegged 1:1 to low-volatility assets such as the U.S. dollar or government bonds. Issued on blockchain networks like Ethereum and Solana, they have spread rapidly due to their ability to facilitate remittances and payments without traditional financial institutions. Initially used as a means of transferring funds on cryptocurrency exchanges, stablecoins now serve as "digital dollars" in emerging markets with unstable currencies. Recently, not only big tech companies like Meta and Amazon but also global banks and some U.S. state governments have begun to focus on stablecoins as a key component of next-generation payment technology infrastructure.
"Bitcoin's Role as Digital Gold Remains Valid"…Maintaining a Bullish Outlook
However, CEO Wood maintains her overall optimism that Bitcoin will serve as "digital gold," predicting that the entire cryptocurrency market will continue to grow as institutional investor participation expands.
CEO Wood said, "Bitcoin is the global monetary system, the leader of a new asset class, and a technology in itself. Institutions are just beginning to enter this space, and there is still a long way to go." She continued, "It is a fully digital global monetary system without government oversight and is a very private domain, making it a truly massive concept," adding, "The entire market will grow."
The price of Bitcoin has recently entered a sharp correction phase. On November 4, it fell below $100,000, marking a five-month low, and as of noon on November 6 (U.S. Eastern Time), it was trading in the $101,000 range. The market attributes this to a combination of factors, including global liquidity tightening, macroeconomic instability, and escalating tensions between the United States and China.
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