CNBC Television
Ark's Cathie Wood: Stablecoins could cut our bullish bitcoin forecast by $300K
11/6/2025, 1:12:00 PM
Economic Summary
- Stablecoins are scaling rapidly and serving emerging markets and new payment rails, which could subtract roughly $300,000 from one bullish Bitcoin forecast by taking transactional share from BTC.
- Bitcoin remains positioned as 'digital gold' — it could capture a meaningful share of the gold market; institutions have only begun to enter, so adoption has a long runway.
- Macro movement in gold (it has doubled since an earlier forecast) creates offsets to Bitcoin price expectations, producing both upward and downward pressures on BTC forecasts.
Bullish
- Bitcoin as digital gold could capture a meaningful portion of the gold market
- Institutional adoption is nascent, implying a long runway for growth
- Bitcoin offers advantages versus gold and could be at least half its market
Bearish
- Stablecoins usurping Bitcoin's transactional role in emerging markets
- Stablecoins scaling faster than expected, reducing Bitcoin's total addressable market
- Gold's recent rise complicates prior digital-gold-based Bitcoin forecasts
Bullish tickers
BTC
Bearish tickers
BTCSTABLECOINS
BTC
Bullish
Viewed as digital gold with institutional adoption only beginning; could capture significant gold-market share and retain long-term upside.
Bearish
Stablecoins taking on Bitcoin's transactional use case, especially in emerging markets, could materially reduce long-term demand for BTC.
STABLECOINS
Bullish
Scaling quickly in emerging markets and being integrated into payment rails, stablecoins are gaining usage as dollar-equivalent cash.
Bearish
As a competing medium for transactions and payment rails, stablecoins may erode Bitcoin's transactional value proposition.