x
November began on a red note for Bitcoin (BTC), with prices having cooled from recent highs. After reaching an all-time high of $126,000 in October, BTC momentarily fell below the $100,000 mark.
Some analysts view it as a healthy correction after a parabolic rally earlier this year.
While Ark Invest CEO Cathie Wood remains “extremely bullish" on Bitcoin, she has, however, revised her ambitious forecast for the cryptocurrency.
Speaking with CNBC’s Squawk Box on Nov. 6, Wood explained that the revision is based on the growing popularity of stablecoins. This has led her to reassess Bitcoin’s potential market share in the global finance sector.
According to Wood, the widespread adoption of stablecoins such as Tether (USDT) and Circle’s USD Coin (USDC), particularly in emerging markets, has absorbed part of the growth that Ark had previously attributed to Bitcoin.
“Stablecoins have become far more significant than we initially anticipated,” she said, noting that their use for payments and savings is expanding rapidly in regions where financial systems are less developed.
Wood said that her firm has now lowered its 2030 bull case from $1.5 million to $1.2 million.
Ark Invest’s latest projections now place Bitcoin’s price at $1.2 million in its bull case, $600,000 in its base case, and $500,000 in its bear case by 2030.
Despite trimming expectations, Wood maintained that Bitcoin’s fundamentals remain strong, citing institutional interest, regulatory clarity, and its scarcity-driven model as long-term drivers.
“Bitcoin continues to be the most secure and decentralized form of digital money,” she said.
While the explosive rise of stablecoins may have shifted part of the crypto ecosystem’s utility away from BTC, Wood argued that both can coexist in a maturing digital economy.
“Bitcoin will continue to be the reserve currency of the crypto world,” she said, “even if stablecoins dominate the transactional side.”
