Cathie Wood Lowers Her 2030 Bitcoin Target From $1.5 Million, But Her Belief Remains Steadfast:'Our Conviction Has Gone Up…'

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 dollar or dollar-based assets,” the renowned investors said.

This, she said, would have taken $200,000-$300,000 off Ark’s bull case for Bitcoin in 2030, i.e, $1.5 million per coin.

Wood Remains Upbeat On Bitcoin

Wood also reiterated Ark’s position that gold’s performance could be a leading indicator for Bitcoin, noting how the yellow metal’s gains preceded Bitcoin’s last two major bull runs.

She also noted Bitcoin’s increasing adoption by traditional finance institutions, a trend that strengthens Ark’s confidence in the apex cryptocurrency’s long-term upside.

So our conviction has actually gone up as Bitcoin has gone down here,” Wood said.

How Low Will Bitcoin Go?

Wood’s comments came amid rising volatility in the cryptocurrency market. Bitcoin endured a rough weekend after the U.S. and Israel declared war on Iran, slipping below $64,000 before a slight correction.

Several analysts have unpacked Bitcoin’s downward pressure, with Bitwise Chief Investment Officer Matt Hougan naming four-year cycle patterns, quantum computing fears and desires to invest in AI startups as a few.

Meanwhile, data from JPMorgan and Wintermute suggested that the cryptocurrency bear market has driven retail traders toward equities. Instead of buying both as risk-on assets, retail traders are now treating them as direct substitutes.

Price Action: At the time of writing, BTC was exchanging hands at $66,983.06, down 1.07% in the last 24 hours, according to data from Benzinga Pro.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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