{"id":18259,"date":"2025-11-23T03:55:48","date_gmt":"2025-11-23T02:55:48","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=18259"},"modified":"2025-11-23T03:55:48","modified_gmt":"2025-11-23T02:55:48","slug":"blackrock-clients-stay-clear-of-global-bitcoin-payment-network","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/11\/23\/blackrock-clients-stay-clear-of-global-bitcoin-payment-network\/","title":{"rendered":"BlackRock Clients Stay Clear of Global Bitcoin Payment Network"},"content":{"rendered":"\n
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Robbie Mitchnick, the head of digital assets at BlackRock, shared some interesting insights recently, revealing that clients of the world’s top asset managers aren’t really thinking about using Bitcoin for everyday transactions when deciding on their investments.<\/p>\n

\u201cFor us, and most of our clients, they\u2019re not really considering that global payment network aspect,\u201d Mitchnick mentioned<\/a> during a recent podcast on YouTube.<\/p>\n

He referred to this idea as \u201cmaybe out-of-the-money-option-value upside.\u201d<\/p>\n

While he acknowledges that Bitcoin (BTC<\/a>) could one day be widely used for payments, he sees this scenario as \u201ca little bit more speculative,\u201d emphasizing that investors are currently more interested in viewing it as \u201cdigital gold\u201d or a store of value.<\/p>\n

Mitchnick: \u201cA lot needs to happen\u201d for changes<\/h2>\n

\u201cThere\u2019s a lot that needs to happen regarding Bitcoin scaling, Lightning networks, and the like to make that a reality,\u201d he explained. Back in August 2024, Galaxy Research raised concerns that many Bitcoin layer-2 networks, especially the popular \u201crollups,\u201d might face long-term sustainability challenges despite their promise to keep Bitcoin transactions cheap, fast, and decentralized. Read more here.<\/a><\/p>\n

On the other hand, Mitchnick noted that stablecoins have thrived in the payments arena. \u201cThey\u2019ve found a solid market fit as a payment tool for efficiently moving value,\u201d he said.<\/p>\n

Robbie Mitchnick chatted with Natalie Brunell on the Coin Stories podcast. Source: <\/em>Natalie Brunell<\/em><\/a><\/figcaption><\/figure>\n

He also expressed that stablecoins could expand their usage far beyond the crypto trading world and DeFi, reaching into areas like retail remittances, corporate transactions, and cross-border payments.<\/p>\n

Mitchnick believes Bitcoin might be better positioned for retail remittances but doesn’t discount other possibilities. \u201cAt some point, it could happen, but right now, it\u2019s a more speculative thing to consider,\u201d he said.<\/p>\n

Stablecoins are \u2018growing rapidly\u2019<\/h2>\n

In a recent talk, ARK Invest CEO Cathie Wood pointed out that stablecoins are \u201cscaling faster\u201d than initially anticipated, which has led her to reduce her Bitcoin price forecast for 2030.<\/p>\n

\u201cStablecoins are taking over some of the roles we thought Bitcoin would fill,\u201d she pointed out.<\/p>\n

Related: <\/strong><\/em>Bitcoiners react in a big way when Scott Bessent walks into a Bitcoin bar<\/strong><\/em><\/a><\/p>\n

Wood had earlier predicted Bitcoin could soar to $1.5 million by 2030, but with stablecoins now stepping into many of the areas she thought Bitcoin would dominate, she decided it might be wise to adjust her forecast by about $300,000.<\/p>\n

\u201cI see a lot of potential in emerging markets, and we\u2019re beginning to notice institutions in the U.S. working on new payment systems,\u201d she added.<\/p>\n

Tether co-founder Reeve Collins mentioned in a Cointelegraph interview last month<\/a> that he expects \u201call currency\u201d to eventually turn into stablecoins by 2030, as we witness finance mainstreaming onto on-chain platforms.<\/p>\n

Magazine: <\/strong><\/em>Bitcoin whale Metaplanet is \u2018underwater\u2019 but still on the lookout for more BTC: Asia Express<\/strong><\/em><\/a><\/p>\n