Bitcoin MagazineCathie Wood Lowers Bitcoin 2030 Target To $1.2 Million as Stablecoins Gain Popularity ARK Invest CEO Cathie Wood has adjusted her long-term Bitcoin forecast, citing the rise of stablecoins as a force in the crypto space.Speaking on CNBC’s Squawk Box Thursday, Wood said that stablecoins are increasingly serving as digital dollars for payments and remittances — functions she previously expected Bitcoin to fulfill.“Stablecoins are usurping part of the role that we thought Bitcoin would play,” Wood said. “Given what’s happening with stablecoins, we could take maybe $300,000 off that bullish case.” The adjustment reduces ARK Invest’s 2030 Bitcoin price target from $1.5 million to $1.2 million, although Wood emphasized that the cryptocurrency’s long-term potential as “digital gold” remains intact.Wood noted that this stablecoin trend reflects broader adoption and signals that Bitcoin’s role is evolving more toward a store-of-value function rather than a transactional one.“Bitcoin is still strengthening its role as a global store of value, but in the payment area stablecoins are becoming a more practical means,” Wood said. She also touched on Bitcoin’s decentralized network and limited supply as key drivers of its long-term economic momentum.Galaxy Digital also drops Bitcoin targetGalaxy Digital recently lowered its year-end target to $120,000, down from $185,000, citing large-scale selling by whales, rotations into assets like gold and AI, and leveraged liquidations. Alex Thorn, Galaxy’s head of research, described this period as a “maturity era,” in which lower volatility and institutional absorption dominate the market.Despite the temporary pullbacks, JPMorgan analysts remain bullish on Bitcoin, projecting prices could climb to $170,000 over the next six to twelve months as leverage in futures markets resets. Bitcoin itself has faced a turbulent month. Following an all-time high above $126,000 in early October, the cryptocurrency has fallen roughly 19%, dipping below $100,000 for the first time in four months amid panic selling and cascading liquidations. At the time of writing, Bitcoin is at $101,950. While some analysts argue that a decline of 20% or more signals a bear market, others maintain that such corrections remain typical within crypto cycles.Despite all this volatility, Wood reaffirmed ARK Invest’s long-term bullish stance. “Bitcoin is a technology, a global monetary system, and a new asset class all wrapped in one,” she said. “We have just started, so we have a long way to go.” This post Cathie Wood Lowers Bitcoin 2030 Target To $1.2 Million as Stablecoins Gain Popularity first appeared on Bitcoin Magazine and is written by Micah Zimmerman.