Cathie Wood’s Bitcoin bull thesis concedes stablecoins won the real-world payment fight

Cathie Wood's ARK Invest, which built its Bitcoin bull thesis on the cryptocurrency becoming a global monetary layer for programmable, borderless, and inflation-resistant payments, has conceded that stablecoins have effectively won the real-world payment battle. While ARK once expected Bitcoin to dominate emerging-market payments, CEO Cathie Wood now states that stablecoins have taken over this function. Data shows stablecoins handle significant transaction volumes, particularly in markets like Venezuela and Brazil, where USDT dominates crypto activity. This shift has allowed Bitcoin to consolidate its position around scarcity, institutional allocation, and macro reserve positioning. Despite this, institutional investment in Bitcoin products remains strong, with significant inflows into ETFs and investment products, suggesting a softening of the boom-bust cycles previously seen. The article explores scenarios for Bitcoin's future, suggesting that while stablecoins may handle payments, Bitcoin is solidifying its role as a reserve asset, a thesis that remains durable even if its initial payment ambitions were superseded.

(Source：CryptoSlate)