Copyright Benzinga
Ark Invest has adjusted its long-term bullish outlook on Bitcoin (CRYPTO: BTC) from $1.5 million by 2030 down to $1.2 million, citing the rapid rise of stablecoins as a factor for its downward revision. What Happened: In a CNBC Squawk Box interview on Wednesday, CEO Cathie Wood pointed out that with stablecoins increasingly fulfill the transactional role that ARK once expected Bitcoin to play. Wood emphasized that this doesn't diminish Bitcoin's "digital gold" use case. She still expects Bitcoin to capture at least half of gold's market value, given that it matches gold's key properties while improving on several like superior portability, verifiability, and scarcity. Also Read: Bitcoin Drops As The S&P500 Stays Flat: What’s Behind The Divergence? Why It Matters: Wood emphasized Bitcoin's evolution into a global monetary network, asset class, and technology platform, noting that institutional participation is still in its early innings. She views the rise of stablecoins as additive, expanding the digital monetary ecosystem rather than threatening Bitcoin's core store-of-value appeal. Elsewhere, JPMorgan CEO Jamie Dimon acknowledged that crypto, blockchain, and stablecoins are "real," confirming that banks plan to allow Bitcoin and Ethereum as loan collateral by late 2025. Meanwhile, Wintermute observed that liquidity growth in crypto has stalled, with stablecoins, ETFs, and DATs expanding from $180 billion to $560 billion since early 2024, but now mostly seeing capital rotation instead of new inflows. Read Next:
