Robbie Mitchnick, the head of digital assets at BlackRock, stated that most clients of the world's largest asset management company do not consider the use of Bitcoin for everyday payments when deciding whether to invest in the asset.
"I think for us and for most of our clients today, they don't really recognize the global payment network use case," Mitchnick said in a podcast interview released on YouTube on Friday.
"This may just be the upside potential of a worthless option," Mitchnick said.
He noted that this does not mean Bitcoin (BTC) will not eventually see widespread use in payments, but he described this scenario as "more speculative," emphasizing that investors are more focused on the "digital gold" or store of value argument.
"A lot needs to happen in terms of Bitcoin scaling, the Lightning Network, etc., to achieve this," he said. In August 2024, Galaxy Research pointed out that while most Bitcoin layer-two scaling networks, especially "rollups," are popular as a promising way to keep Bitcoin payments cheap, fast, and decentralized, they may not be sustainable in the long run.
Meanwhile, Mitchnick stated that stablecoins have achieved "tremendous success" in the payments space. "They have a great product-market fit as payment tools and as an efficient way to transfer value," he said.
"Stablecoins have the potential to significantly expand their current use cases, beyond the cryptocurrency trading ecosystem and DeFi, to actually enter retail remittance payments, corporate, multinational, cross-border transactions, and capital market settlement activities," he said.
He indicated that Bitcoin has a better competitive opportunity in retail remittance payments than in other areas, but he does not rule out any possibilities. "At some point, this is possible, but recognizing this now is more speculative," he said.
Cathie Wood, CEO of ARK Invest, recently stated that the "speed of expansion" of stablecoins beyond expectations is the reason she recently lowered her Bitcoin price forecast for 2030.
"Stablecoins are encroaching on some of the roles we thought Bitcoin would play," she said.
Wood explained that she previously predicted Bitcoin could reach $1.5 million by 2030, but as stablecoins now serve many use cases she believes Bitcoin would dominate, she indicated that lowering the forecast by about $300,000 might be reasonable.
"I think emerging markets are very important in this regard, and we are starting to see institutions in the U.S. focusing on new payment rails," she said.
Reeve Collins, co-founder of Tether, told Cointelegraph in September that he expects "all currencies" to become stablecoins by 2030, as part of a broader shift where all forms of finance will be on-chain.
Related: Executives warn: MSCI index may exclude companies holding crypto assets
Original article: “BlackRock's Bitcoin (BTC) clients do not 'recognize' global payment use case”
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