BlackRock's head of digital assets, Robbie Mitchnick, said that most clients of the world's largest asset management firm do not consider its wide-ranging use in everyday payments when deciding whether to invest in Bitcoin.
"I don't think for us and most of our customers today they are really investing in the case of a global payments network," Mitchnick said in a podcast interview published on Friday. He described the likelihood of Bitcoin being widely used for everyday payments in the future as "potentially exceeding the value of out-of-the-money-option-value upside".
Mr. Mitchnick stressed that this did not mean that Bitcoin would ultimately fail to achieve widespread payment use, but he called the scenario "more speculative" and highlighted the argument that investors are now more focused on Bitcoin as "digital gold" or a store of value. He argued that "a lot needs to happen" to bring about a shift in the payments landscape, including the expansion of Bitcoin and the development of technologies such as Lightning.
BlackRock executive: Clients invest in bitcoin mainly for "digital gold" considerations, not for global payment scenarios
2025-11-23 02:34:37
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