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.
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