Robbie Mitchnick, BlackRock’s head of digital assets, shared insights on Bitcoin’s future in everyday transactions, suggesting that its current value for such uses is largely speculative. He stated that most sizeable asset managers’ clients are not factoring in Bitcoin when considering investment.

“I think for us, and most of our clients today, they’re not really underwriting to that global payment network case,” Mitchnick noted during a recent podcast.
(“Creo que para nosotros, y la mayoría de nuestros clientes hoy, no están realmente tomando en cuenta ese caso de red de pagos global.”)

While he recognizes the possibility of Bitcoin adopting more mainstream uses in payments, he emphasizes that it is viewed as a speculative prospect.

Challenges Ahead for Bitcoin Payments

Mitchnick highlights issues linked to Bitcoin’s scaling and technical advancements, indicating that significant developments must occur for broadened usage in payments. He pointed out that stablecoins are currently excelling in their roles.

“They do have massive product market fit as a payment instrument as a way of moving value around efficiently,” he remarked.
(“Tienen un gran ajuste de mercado como instrumento de pago para mover valor de manera eficiente.”)

This growing adoption of stablecoins may overshadow Bitcoin’s potential for the same use cases, as affirmed by Cathie Wood of ARK Invest, who adjusted her Bitcoin price forecast downward due to stablecoins taking on roles originally associated with Bitcoin.

Mitchnick’s views reflect an ongoing discussion in the crypto community regarding the future positioning of Bitcoin versus stablecoins.