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Michael Saylor dismissed concerns that stablecoin growth threatens Bitcoin adoption, directly countering Cathie Wood’s recent forecast revision that cited the $308 billion stablecoin market as a competitive factor.
In a Nov. 14 CNBC interview, the Strategy founder argued that Bitcoin functions as “digital capital” while stablecoins serve as “digital finance”—two complementary rather than competing markets.
The disagreement surfaced after Wood lowered her 2030 Bitcoin price target from $1.5 million to $1.2 million on Nov. 6, specifically pointing to accelerating stablecoin adoption in emerging markets as a factor limiting Bitcoin’s payment use cases.
Wood argued the Stablecoin threat is real, saying you can’t ignore the $308 billion stablecoin market now powering nearly 30% of global crypto transaction volume.
“Stablecoins are usurping part of the role that we thought Bitcoin would play,” Wood told CNBC, pointing to fast-growing usage in regions battling hyperinflation and capital controls.
But Michael Saylor is having none of it. On Nov. 14, Saylor fired back in his own CNBC interview, stating the Stablecoin threat narrative “misunderstands the economic layers of the digital asset world.”
“Bitcoin is digital capital. Stablecoins are digital finance. They’re not competing; they’re complementary,” Saylor said. “No rich person wants to buy a currency instead of an equity or a capital asset.”
Saylor stressed that Bitcoin’s role as “scarce digital property” remains untouched by the so-called Stablecoin threat, while stablecoins thrive in payments and transactional settlement — two functions Bitcoin was never optimized for.
Saylor laid out a framework dividing crypto into two distinct economies:
He argued that the Stablecoin threat thesis incorrectly merges the two.
“Stablecoins will absolutely grow from hundreds of billions to trillions,” Saylor said. “But they don’t encroach on Bitcoin’s core value proposition.”
Crypto macro analyst Noelle Acheson backed Saylor’s logic, noting, “The Stablecoin threat is overestimated because stablecoins expand liquidity — and that liquidity often flows into Bitcoin.”
Strategy’s latest accumulation shows how little faith Saylor places in the Stablecoin threat idea.
Earlier this week, the firm acquired 8,178 BTC for $835.6 million at an average price of $102,171 — raising its total holdings to 649,870 BTC worth $48.37 billion. Strategy now controls roughly 3.1% of Bitcoin’s total supply, reinforcing its conviction despite volatility.
But that volatility has hit hard. Bitcoin plunged below $90,000 this month, wiping out 2025’s gains and putting most spot ETF investors underwater with an average cost basis around $89,600. The sell-off triggered $254 million in one-day outflows from U.S. Bitcoin funds.
Strategy’s own stock has fallen more than 60% from 2024 highs.
JPMorgan analysts warned that the company could face $2.8 billion in forced outflows if removed from the MSCI USA and Nasdaq 100 indexes by Jan. 15 due to new rules targeting treasury strategies holding large digital asset positions.
But even this turbulence doesn’t shift Saylor’s stance. “There is no Stablecoin threat to Bitcoin’s long-term trajectory,” Saylor reiterated. “Bitcoin is engineered to be the apex asset.”
Despite disagreeing on the Stablecoin threat, both Saylor and Wood remain unequivocally bullish. Wood still sees a 1,100% upside for Bitcoin. Saylor still views Bitcoin as “the world’s ultimate monetary energy.”
But the divide over the Stablecoin threat marks a critical debate as crypto enters its next phase:
Is Bitcoin being outcompeted, or is the ecosystem expanding into specialized layers?
For now, Saylor says the answer is simple:
“Stablecoins scale payments. Bitcoin scales wealth.”
And according to him, that means the Stablecoin threat is nothing but noise.
