Bitcoin Bull Cathie Wood Suddenly Revises Outlook: "Losing Its Role, Forecast Lowered" [Bitcoin Now]

"Digital Gold Role Remains"
Long-Term Optimism Maintained

Cathie Wood, CEO of the renowned US asset management firm ARK Invest, famous for her investments in technology stocks and nicknamed "Money Tree Sister," announced that she is revising her bullish outlook on Bitcoin. She explained that stablecoins are rapidly spreading as a means of payment and savings in emerging markets, partially replacing the role of Bitcoin.

Cathie Wood, CEO of ARK Invest. Photo by Reuters and Yonhap News.

In an interview with CNBC on the 6th (local time), CEO Wood commented on the long-term outlook for Bitcoin's price, stating, "If I were to point out one thing that has changed over the past few years, it is that stablecoins are taking over some of the roles we thought Bitcoin would fulfill." She indicated that her previous projection of Bitcoin reaching $1.5 million by 2030 could change. She added, "Considering the role stablecoins are playing in emerging markets, it is possible to trim $300,000 from the previous bullish forecast." This suggests that stablecoins are replacing the payment and savings functions that were expected to be handled by Bitcoin.

CEO Wood also noted, "Stablecoins are expanding faster than anyone could have predicted," and pointed out, "US institutions have also started to pay attention to new payment infrastructure centered around stablecoins, which is a very interesting trend."

Wood's remarks are particularly notable as she has been known as a prominent Bitcoin bull, and this represents a significant adjustment to her long-term forecast. However, she maintained her overall optimism that Bitcoin will serve as "digital gold," and predicted that the entire cryptocurrency market will continue to grow as institutional investors increase their participation.

CEO Wood stated, "Bitcoin is a global monetary system, a pioneer of a new asset class, and a technology in itself," adding, "Institutions are only just beginning to enter this field, and there is still a long way to go." She continued, "This is a very grand concept," and predicted, "The overall market will grow."

Recently, Bitcoin has experienced a sharp correction. On the 4th, it fell below $100,000, marking its lowest level in about five months, and as of 12 p.m. Eastern Time on this day, it was trading in the $101,000 range.