CNBC Television
Ark's Cathie Wood trims her bitcoin bull case
11/6/2025, 6:20:25 PM
Economic Summary
- Stablecoins are scaling rapidly and being adopted by firms like Western Union, Mastercard (MA), and JP Morgan (JPM), which may crowd out Bitcoin's intended transactional use and alter demand dynamics.
- Bitcoin has experienced meaningful recent weakness, pulling back roughly 15-20% in October, which pressures crypto-sensitive equities such as Coinbase (COIN) and Robinhood (HOOD).
- Cathie Wood/ARK Invest publicly trimmed their long-term Bitcoin forecast due to stablecoin growth, reducing prior upside expectations but still leaving substantial potential upside.
Bullish
- Cathie Wood's trimmed forecast still implies very large long-term upside for Bitcoin.
- Institutional and payments adoption of crypto rails (via stablecoins) signals continued crypto relevance.
Bearish
- Stablecoins are usurping Bitcoin's transactional role, reducing long-term demand for BTC.
- Bitcoin has pulled back ~15-20% recently, signaling negative momentum and downside risk.
- Investors who entered crypto late in the cycle risk losses as momentum fades.
Bullish tickers
BTCETH
Bearish tickers
BTCCOINHOOD
BTC
Bullish
Cathie Wood's long-term conviction remains large despite trimming her forecast, implying significant potential upside.
Bearish
Stablecoins are stealing transactional use; Bitcoin has dropped ~15-20%, showing material downside and weaker momentum.
ETH
Bullish
Mention of an Ethereum ETF ownership reflects belief in Ethereum adoption and institutional product demand.
Bearish
Broader crypto weakness and competition from stablecoins could weigh on Ether demand and ETF flows.
COIN
Bullish
Coinbase benefits from trading activity and crypto adoption when momentum returns.
Bearish
Crypto trading volume decline from BTC weakness could hurt Coinbase revenues.
HOOD
Bullish
Robinhood can benefit from renewed retail trading if crypto momentum resumes.
Bearish
Robinhood is exposed to late-cycle crypto entries and reduced trading momentum.
MA
Bullish
Mastercard's involvement with stablecoins indicates engagement with evolving payment technologies.
Bearish
Use of stablecoins in payments could shift transaction flows away from traditional card rails.
JPM
Bullish
JP Morgan experimenting with digital coins shows institutional adoption of crypto-like rails.
Bearish
JP Morgan coin and bank-backed rails may divert use cases from decentralized crypto.
WU
Bullish
Adoption by money-transfer firms highlights practical use cases for crypto rails.
Bearish
Western Union's use of stablecoins could reduce demand for Bitcoin as a transactional tool.
ARKK
Bullish
ARK's continued public long-term Bitcoin stance still implies conviction in large potential returns.
Bearish
ARK Invest trimming its Bitcoin forecast signals reduced upside expectations from a prominent crypto bull.
People mentioned
Cathie WoodBrentJoe