Cathie Wood, the head of Ark Invest, recently revised her long-term expectations for Bitcoin. The target price for 2030 has been adjusted down from $1.5 million to $1.2 million, a significant decrease.

The reason she provided is quite interesting - stablecoins are rapidly capturing market share. The role that Bitcoin originally played in emerging markets and payment scenarios is increasingly being replaced by stablecoins. It makes sense; for daily transactions and cross-border transfers, stablecoins are indeed more convenient and have much less volatility.

This adjustment actually reflects a reality: the landscape of the crypto market is changing. The narrative of BTC as "digital gold" is still there, but in terms of practical application, stablecoins are proving their value. That said, the prediction of $1.2 million is still quite aggressive, indicating a huge upside potential from the current price. Wood's belief in cryptocurrencies still seems very strong, it’s just that the strategic expectations have become more pragmatic.