On Thursday, Cash App, the payment platform founded by Twitter founder Jack Dorsey, launched a series of product updates, including Bitcoin and stablecoin payment capabilities, marking a significant shift for the company that built its cryptocurrency image around Bitcoin. Meanwhile, Cathie Wood, founder of Ark Invest, lowered her Bitcoin price target due to the increasing popularity of stablecoins. Does this mean that Bitcoin’s recent decline reflects a weakening of faith in the cryptocurrency?
Jack Dorsey shifts focus? Cash App launches stablecoin payment feature.
On Thursday, Cash App, the payment platform owned by Twitter founder Jack Dorsey, rolled out a series of product updates, including the ability to make payments using Bitcoin and stablecoins. This marks a significant shift for a company that has built its cryptocurrency image around Bitcoin. Dorsey, a longtime advocate for Bitcoin as a foundation for everyday payments, is now leading Block’s Cash App to support stablecoins.
Cash App, one of the earliest and most widely adopted Bitcoin payment services, was founded by Dorsey, who believed that Bitcoin, as a primitive cryptocurrency, would face obsolescence if it couldn’t become a common payment tool. Block, adhering to this philosophy, has focused on supporting Bitcoin and has accumulated 24 million users who use the platform to buy, store, and use it. Now, the company is expanding into the stablecoin space by enabling interoperability between stablecoins and users’ cash balances. Users will soon be able to deposit stablecoins into their cash balances in USD and send them to other people’s wallets. The company plans to launch several stablecoins, including Circle’s…USDC▲.
Cathie Wood of Ark lowers Bitcoin price target due to stablecoins
Cathie Wood, founder of Ark Invest, made astonishing predictions about Bitcoin, leading the last market boom. However, as institutional funds flowed to assets designed to stabilize prices and gain regulatory approval, her views on Bitcoin have shifted.BTC▼Her 2030 “bull market” price forecast has been lowered from $1.5 million to $1.2 million. This is the first time she has publicly mentioned the “erosion” of Bitcoin’s potential role by stablecoins, although she remains optimistic about Bitcoin’s long-term status as “digital gold.”
On November 6, 2025, Wood stated on CNBC that stablecoin adoption was far exceeding expectations, especially in emerging markets, where they had become payment and store-of-value tools, replacing some of the roles originally envisioned for Bitcoin. “Stablecoins are eroding some of the roles we originally thought Bitcoin would play.” Ark’s initial $1.5 million target price for Bitcoin was based on its multiple functions as a store of value, payment, and settlement network. However, the rapid expansion of stablecoins has shrunk Bitcoin’s “Total Accessible Market” (TAM), particularly in the payments sector. Therefore, Ark lowered its target price to $1.2 million.
Bitcoin payments are being impacted by stablecoins.
Miles Suter, head of Bitcoin products at Block, said in a statement to Bloomberg :
“The traditional fiat currency system is Money 1.0, which is slow, costly, closed, and restricted by bank operating hours and national borders. Bitcoin is Money 2.0, the ultimate goal, which is truly decentralized, open, and permissionless. Stablecoins are Money 1.5, an improvement to the financial system.”
Given that the general public still cannot accept the high volatility of Bitcoin prices, it is not unreasonable for stablecoins to become a better payment option.
感谢您的支持
