Черные мысли о биткоине: инвестиции выше платежей по версии BlackRock Translation: Dark thoughts on Bitcoin: Investments over payments according to BlackRock

Most clients of the largest asset management firms globally do not consider Bitcoin’s payment potential when deciding to invest in the asset. This was stated by Robert Mitchnik, head of BlackRock’s crypto division.

According to him, investors view the original cryptocurrency as digital gold and a store of value. The asset’s payment functionalities tend to be seen more as an added feature «outside of money.»

This mindset among market participants does not imply that Bitcoin will not achieve widespread adoption as a payment medium, Mitchnik clarified. However, he referred to such a scenario as «somewhat speculative.»

«For the idea of a transactional system to materialize, significant work must be done regarding the scalability of the main network, Lightning Network, and other aspects,» the executive stated.

Meanwhile, Mitchnik pointed out the «extraordinary success» of stablecoins in the realm of monetary transactions:

«They truly occupy a significant space in the market as a payment tool, serving as an efficient means of transferring funds.»

The head of BlackRock’s crypto division believes that stablecoins have the potential to expand their applications beyond the crypto ecosystem, encompassing retail, corporate, and cross-border transfers, as well as capital market settlements.

It is worth noting that in September, Mitchnik remarked that digital gold is mistakenly categorized as a risky asset, despite its frequent correlation with the stock market.