Ark Invest founder Cathie Wood said on Thursday that the firm’s conviction in Bitcoin’s (CRYPTO: BTC) potential has strengthened despite the ongoing drawdown, but lowered the 2030 target from $1.5 million.
Stablecoin Adoption Impacting Wood’s Bull Case
During an interview with Morningstar Europe, Wood reiterated Bitcoin’s position as a global, digital asset with “no government oversight.”
She acknowledged that the dollar-pegged stablecoins “usurped” one of the roles that Ark thought Bitcoin would play in emerging markets.
“People who are living hand to mouth, meaning they don’t have a lot of savings. They would much prefer the dollar and stablecoins, backed pretty much by …