BlackRock Executive: Clients Invest in Bitcoin Mainly for Consideration of 'Digital Gold', Not Global Payment Scenarios
Odaily Planet Daily reports that Robbie Mitchnick, head of BlackRock's digital asset division, stated that most clients of the world's largest asset management company do not consider its widespread application in daily payments when deciding whether to invest in Bitcoin.
In a podcast interview released on Friday, Mitchnick said: 'I think for us and for most of our clients today, they are not really investing with a global payment network case in mind.' He described the possibility of Bitcoin being widely used for daily payments in the future as 'potentially exceeding the existing 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 described such a scenario as 'more speculative' and highlighted that investors are currently more focused on Bitcoin as 'digital gold' or a store of value. He believes that to achieve a shift in payment scenarios, 'a lot of things need to happen,' including the development of technologies like Bitcoin scalability and Lightning.
