Cathie Wood, founder of Ark Invest, stated in an interview last Thursday that despite Bitcoin's continued price decline, the firm's confidence in the cryptocurrency's potential has actually strengthened. However, she has revised down the 2030 price target for Bitcoin from $1.5 million.

Wood reaffirmed Bitcoin's status as a global digital asset, emphasizing its independence from government oversight.

She acknowledged that dollar-pegged stablecoins have "replaced" one of the roles Ark originally envisioned Bitcoin playing in emerging markets.

The prominent investor noted, "People living paycheck to paycheck with little savings tend to prefer the U.S. dollar and stablecoins backed by the dollar or dollar-denominated assets."

This shift, she explained, leads Ark to lower its optimistic 2030 price target for Bitcoin by $200,000 to $300,000 from the original $1.5 million.

Wood reiterated Ark's view that gold's performance can serve as a leading indicator for Bitcoin, pointing out that gold prices rose ahead of the last two major Bitcoin bull markets.

She also mentioned that increasing adoption of Bitcoin by traditional financial institutions further bolsters Ark's confidence in the long-term upside potential of the leading cryptocurrency.

"Therefore, even though Bitcoin's price has fallen during this period, our confidence has actually increased," Wood stated.