"Bitcoin, at this rate..." 'Money Tree Sister' suddenly changed her tune

Korea Economic Daily

Summary

Cathie Wood, CEO of ARK Invest, said she partially revised Bitcoin's 2030 price forecast from $1.5 million down by $300,000 to $1.2 million.
She pointed to stablecoins rapidly expanding in emerging markets and taking over some of the roles Bitcoin would play as the main reason.
Wood still expressed optimism that Bitcoin will serve as 'digital gold' and that the overall market will expand.

Cathie Wood, CEO of ARK Invest, known for investing in tech stocks and cryptocurrencies and nicknamed 'Money Tree Sister', has partially lowered her previous bullish outlook on Bitcoin.

In an interview with U.S. business network CNBC on the 6th (local time), Wood said regarding the long-term Bitcoin price outlook, "One thing that has changed from our perspective over the past few years is that stablecoins are taking over some of the roles we thought Bitcoin would play," and added, "Our previous projection that Bitcoin would reach $1.5 million (about 2.17 billion won) by 2030 could change."

She continued, "Considering the role stablecoins are playing in emerging markets, we might shave $300,000 off that bullish outlook," and urged, "So pay attention to that part."

Wood also noted, "Stablecoins are expanding far faster than anyone expected right now," and said, "U.S. institutions have begun to pay attention to new payment infrastructure centered on stablecoins, which is a very interesting development."

The remark drew attention because Wood, regarded in the industry as a leading Bitcoin bull, adjusted her long-term outlook. She effectively reduced the previous $1.5 million projection by about 20%, or $300,000.

However, Wood maintained her optimistic view that Bitcoin will serve as 'digital gold.' She said, "Bitcoin is a global monetary system and the leader of a new asset class, and it is technology itself," adding, "Institutions are only just beginning to wade into this area, and there is still a long way to go."

She went on, "It is a completely digital global monetary system without government oversight and a very private domain, so it's a huge concept," and predicted, "The overall market will grow."

Recently, Bitcoin prices have been undergoing a significant market adjustment. On the 4th it fell below $100,000, marking a five-month low, and as of 12:00 p.m. Eastern Time that day it was trading in the $101,000 range.

Kim Ye-rang, Hankyung.com reporter yesrang@hankyung.com

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