BlackRock executive: Clients invest in Bitcoin primarily as "digital gold," not for global payment scenarios.
Robbie Mitchnick, head of BlackRock's digital assets division, stated that most clients of the world's largest asset management company do not consider Bitcoin's widespread use in everyday payments when deciding whether to invest in it.
Mitchnick said in a podcast interview released on Friday: "I think, for us and most of our clients today, they are not really investing based on the case of a global payment network." He described the possibility of Bitcoin being widely used for everyday payments in the future as "possibly exceeding the out-of-the-money-option-value upside."
Mitchnick emphasized that this does not mean Bitcoin will ultimately be unable to achieve widespread payment use, but he called such a scenario "more speculative," and highlighted that investors are currently more focused on the argument of Bitcoin as "digital gold" or a store of value. He believes that for a shift to payment scenarios to happen, "a lot still needs to happen," including Bitcoin scaling and the development of technologies like Lightning.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Report: Apple Develops Prototype of New Fitness Tracker, Targeting Whoop
Apple is secretly developing a screenless health tracking wristband, which closely resembles Whoop and is equipped with a fabric strap and sensor module. The project has received support from senior executives including Tim Cook, but it is still in the early "technical investigation" phase, and Apple has not yet decided whether to release the product. Even if the project continues, the earliest release would be in 2028.
XRP jumps above $1.50 as analyst points to whale manipulation, not institutional buying
US Dollar Index pushes higher on the case for another Fed increase
SHIB Pay Expands Shibarium’s Payment Push
Crypto prices
More
