27 days ago
The price of Bitcoin is trading just below $103,000 after falling by 16% over the past month, and even the market’s most optimistic believers are tempering expectations . ARK Invest CEO Cathie Wood, known for her bold projections for Bitcoin , said during an interview on CNBC’s Squawk Box that she has revised her bullish Bitcoin price target downward by $300,000, citing the rapid rise of stablecoins as the main reason for the adjustment. Stablecoins Taking Over Part Of Bitcoin’s Role Wood explained that stablecoins are fulfilling a function she and her team initially believed Bitcoin would dominate, i.e., serving as a financial tool for emerging economies. She noted that stablecoins have become the preferred digital assets in many markets. According to her, this trend has expanded far more quickly than anyone expected, leading ARK Invest to trim its long-term bullish projection for Bitcoin by $300,000. This brings down the Bitcoin projection from $1.5 million by 2030 to about $1.2 million. Wood said the firm’s models now recognize that stablecoins are scaling faster than anticipated. In her words, “stablecoins are scaling here much faster than anyone,” and their growth is effectively taking a slice of the market Bitcoin was once expected to capture. Gold, Institutions, And The Bigger Picture When asked if gold is factored into her forecast, Wood explained that the $300,000 reduction assumes all other things being equal, and gold continues to grow the way it is. However, since gold has also doubled in value since ARK Invest’s initial Bitcoin forecast, the comparison has become more nuanced. She reiterated that Bitcoin’s investment case remains intact because it is both digital gold and a technological innovation forming the foundation of a global monetary system. Wood noted that Bitcoin is the “lead in a new asset class” while distinguishing stablecoins as digital cash equivalents. The relationship between gold, stablecoins, and Bitcoin represents what she described as a dynamic interplay of “puts and takes.” Despite trimming her price forecast, Wood stressed that ARK is fundamentally bullish on Bitcoin’s long-term potential. Even as ARK Invest moderates expectations, Wood highlighted that institutional interest in Bitcoin and blockchain-based payment systems is still at an early stage. She noted that large financial players are only beginning to test the waters, with early experiments in new payment rails and digital asset integration just beginning to take shape. For Wood, this early stage of institutional involvement is the first of a long runway for Bitcoin’s growth. Despite the current short-term market weakness and competition from stablecoins, she also maintained her belief in Bitcoin’s technological role as the lead in a new asset class. “We have just started,” she said, adding that there is still “a long way to go.” At the time of writing, Bitcoin is trading at $102,413, up by 1% in the past 24 hours but down by 7% and 16% in the past seven and 30 days, respectively. Featured image from Unsplash, chart from TradingView
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Source: Bitcoinist
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Binance Founder Crushes Bitcoin Critic In Game-Changing BTC Vs. Gold Debate
The Binance Blockchain Week event in Dubai became the center of a high-stakes showdown between traditional and digital innovation, with Bitcoin and gold going head-to-head. Investors, tech enthusiasts, and financial experts watched closely as Binance founder Changpeng Zhao expertly debated renowned Bitcoin critic Peter Schiff, making a compelling argument for why Bitcoin is better than gold. Binance Founder Dominates Bitcoin And Gold Debate During the Binance Blockchain Week in Dubai, Schiff and CZ faced off in a high-profile debate over the value of Bitcoin versus Gold. Schiff defended gold as a safe, stable, and tangible asset while the Binance founder made a compelling case for Bitcoin’s adoption, utility, value, and global reach. Related Reading: Crypto CEO Says Bitcoin Was Never Meant To Be ‘Digital Gold’ – So What Is It? Throughout the debate, which lasted over an hour, CZ consistently demonstrated the practical advantages of Bitcoin, leaving Schiff’s gold argument largely on the defensive. The Binance founder emphasized Bitcoin’s transparent and predictable supply and its role in the modern financial systems. He pointed to hundreds of millions of users who rely on Bitcoin for payments, savings, and transfers. Schiff argued that Bitcoin lacks inherent value and is mainly driven by hype and faith that its price will rise. He stated that gold remains tangible, centuries old, scarce, and valuable in industry, making it superior to BTC. He further asserted that “nobody needs” Bitcoin and that the cryptocurrency is “backed by nothing.” Practical demonstrations played a key role in the debate between Schiff and CZ. The Binance founder explained how Bitcoin and crypto payments already improve financial efficiency, especially in emerging markets. Schiff questioned whether these transactions truly count as money, since merchants ultimately receive traditional currency. CZ’s response highlighted the importance of adoption and network effects, noting that people who use BTC directly for payments give it real-world significance. The debate also considered the preferences of younger generations. CZ asked Schiff whether millennials and Gen Z favoured Bitcoin or gold. The Bitcoin critic responded sharply, suggesting that they would choose gold. He pointed out that, with many young investors losing money on BTC, gold offers a safer, more appealing alternative. The Binance founder countered that younger people understand digital value more intuitively and prefer mobile, borderless, and censorship-resistant assets. Digital Value And The Future Of Money The debate between CZ and Schiff also highlighted the changing definition of money. Bitcoin functions as a decentralized network that enables instant settlement and transparent verification. Its adoption has also helped evolve the financial economy, facilitating faster and more seamless cross-border payments. Schiff argued that gold’s scarcity and industrial demand preserve its value and make it a reliable hedge against economic uncertainty. Related Reading: What Happens To The Bitcoin Price If It Follows Gold? Tokenization also became a point of agreement during the discussion, with Schiff emphasizing that gold can be digitized and tokenized for easier ownership and distribution without moving the physical metal. CZ contended that Bitcoin offers similar advantages while also enabling global financial inclusion. They also discussed the supply of both assets, with the Binance founder noting that Bitcoin has a visible supply, while gold doesn’t. They also talked about the performance of both assets over the years. Schiff argued that gold had outperformed BTC over the past four years. CZ contended that Bitcoin has far outpaced gold over the last 8 years, and since its launch in 2009, it has skyrocketed from a few cents to an ATH above $126,000. He concluded his debate, predicting that Bitcoin’s growth will outpace gold over time. Featured image from iStock, chart from Tradingview.com Bitcoinist
New `Postal` Game Canceled One Day After Reveal, Following Generative AI Allegations
Postal: Bullet Paradise has been scrapped and the developer is shutting down after gamers claimed the trailer used generative AI assets. Bitcoinist
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Top Analyst: Many Will FOMO Once XRP Reaches This Price
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