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…

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