- Saylor argues Bitcoin acts as digital gold, separate from stablecoins’ transactional use.
- Stablecoins may grow from hundreds of billions to trillions, without competing with Bitcoin.
- Digital assets economy splits into capital which is Bitcoin and finance that is stablecoins, DeFi and tokenized assets.
Michael Saylor responded to Cathie Wood’s recent revision of Bitcoin’s 2030 price target in a Nov. 14 CNBC interview, challenging her view that stablecoins could limit Bitcoin’s adoption. Wood lowered her prediction from $1.5 million to $1.2 million, citing stablecoin transaction growth as a potential factor reducing Bitcoin’s utility. Saylor argued both assets occupy separate sectors of the digital economy.
Two Separate Segments in Digital Assets
Saylor explained the digital asset market is splitting into two primary segments. The first centers on Bitcoin, which he described as digital gold and a form of digital capital. He emphasized Bitcoin’s main utility lies in interest-bearing digital credit tools and instruments, highlighting a growing sector for high-yield digital credit.
The second segment revolves around digital finance built on proof-of-stake networks, including Ethereum, Solana and BNB. Saylor noted this area focuses on tokenized currencies, stablecoins, DeFi applications, and tokenized real-world assets. He emphasized that growth in one segment does not cannibalize the other.
Stablecoins’ Expanding Role
Saylor projected stablecoins will scale from hundreds of billions to trillions of dollars in circulation. He emphasized that their primary function is transactional, not competing with Bitcoin’s role as digital capital.
He explained wealthy investors view Bitcoin as an alternative to equity, real estate, or other traditional capital assets, while stablecoins support operational finance and tokenized asset markets.
Distinct Use Cases Clarified
During the interview, Saylor directly addressed Wood’s concerns regarding Bitcoin being “crowded out” by stablecoins. He maintained that stablecoins’ growth and Bitcoin’s adoption can coexist, each serving a unique function within the broader digital ecosystem. The digital assets economy, he said, is expanding multidimensionally, accommodating both investment and transactional needs simultaneously.
By separating the digital economy into capital and finance sectors, Saylor highlighted a structural distinction between Bitcoin and stablecoins. This clarification emphasizes that growth in one digital asset type does not reduce the relevance or potential of the other.
