Bitaigen Research 
Recently, Robbie Mitchnick, head of digital assets at BlackRock, said in a public interview that BlackRock’s Bitcoin (BTC) clients have not pledged that Bitcoin will become a mainstream tool for global payments. They view it primarily as “digital gold” rather than a payment medium. At present, their focus is on Bitcoin’s value‑store characteristics, not on its feasibility for everyday transactions.
Bitcoin is not the preferred choice for global payments
Robbie Mitchnick explained that, although some investors treat Bitcoin as “digital gold,” the majority of institutional clients do not factor everyday payment use into their allocation decisions. In a YouTube podcast he stated:
- “For us and for most of our clients, there is no real underwriting of a global‑payments‑network use case.”
- “It looks more like ‘profit‑less option upside,’ which is a speculative expectation.”
Mitchnick stressed that this does not mean Bitcoin will never enter the payments arena; it simply reflects that current investment logic leans toward store‑of‑value considerations rather than payment functionality.
In this article we summarize the latest remarks from BlackRock’s digital‑assets lead, analyse why institutions still treat Bitcoin as digital gold rather than a global‑payments instrument, and explore the key technological breakthroughs needed to enable payment use. Understanding the underlying logic helps investors gauge Bitcoin’s true role in portfolio allocation and future applications. Keep reading for the full analysis.
Required technological breakthroughs
Mitchnick believes that for Bitcoin to play a larger role in payments, the following technical advancements are necessary:
- Bitcoin scaling – increasing main‑chain throughput and lowering transaction fees.
- Maturation of the Lightning Network – delivering instant, low‑cost off‑chain payments.
- Sustainability of second‑layer solutions – especially roll‑up‑type designs, which must prove the robustness of their long‑term economic models.
In August 2024, Galaxy Research reported that, while second‑layer networks are highly anticipated for improving payment efficiency, the long‑term sustainability of some roll‑up solutions remains uncertain.
Rapid rise of stablecoins
Compared with Bitcoin, stablecoins have shown a much more pronounced penetration in payment scenarios. When interviewed by Coin Stories host Natalie Brunell, Mitchnick noted:
- Stablecoins possess “massive product‑market fit” for value transfer.
- Their use cases have expanded beyond crypto trading and DeFi, gradually entering retail remittances, corporate cross‑border payments, and capital‑market settlement.
Potential expansion directions for stablecoins
- Retail remittances – providing individuals with low‑fee, real‑time cross‑border transfers.
- Corporate payments – helping multinational firms reduce foreign‑exchange volatility risk.
- Capital‑market settlement – accelerating post‑trade settlement of securities.
Market viewpoints
ARK Invest CEO Catherine Wood recently said that the speed of stablecoin adoption has outpaced expectations, which is one of the main reasons she has revised down her 2030 Bitcoin price target. Wood explained:
- “Stablecoins are taking over parts of the role we originally thought Bitcoin would fulfill.”
- She had previously projected Bitcoin could reach USD 1.5 million by 2030, but because stablecoins now cover many use cases, she has lowered the forecast by roughly USD 300,000.
Similarly, Tether (USDT) co‑founder Reeve Collins told Cointelegraph in September that by 2030 “all currencies could potentially evolve into stablecoin forms,” which would push the entire financial ecosystem onto blockchain.
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Conclusion
In summary, BlackRock’s Bitcoin clients currently treat BTC mainly as a store‑of‑value asset rather than a reliable vehicle for global payments. Achieving large‑scale adoption in payment scenarios will require breakthroughs on the technical front as well as clearer regulatory frameworks. At the same time, stablecoins are rapidly capturing market share thanks to their payment‑friendly attributes, becoming a hot choice for cross‑border transactions and corporate payouts.
For further analysis of BlackRock clients’ outlook on Bitcoin payments, stay tuned to Bitaigen (比特根).
Related Reading
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- Bitcoin Spot ETF Net Outflows Hit $2.9B, BTC Falls Below $73K – 2026 Low
- Bitcoin 2026‑2040 Price Forecast: Short, Medium & Long‑Term
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