Robbie Mitchnick is BlackRock’s head of digital asset management. He said most clients of world’s biggest asset managers don’t consider Bitcoin’s daily use when making investment decisions.
“I think for us, and most of our clients today, they’re not really underwriting to that global payment network case,” Mitchnick said A podcast was published by YouTube on Friday.
“That’s sort of maybe out-of-the-money-option-value upside,” Mitchnick said.
The man said that Bitcoin is not what he meant (BTCThe use of a card for payments is unlikely to become widespread, but the scenario he described was plausible “a little bit more speculative,” The focus of investors is on the long-term. “digital gold” Or, the store-of value theory.
“A lot needs to happen” Mitchnick: “We need to make a change”
“There’s a lot that needs to happen in terms of Bitcoin scaling, Lightning, and otherwise to make that possible,” he added. Galaxy Research predicted that by August 2024 most Bitcoin layer-2 networks would be particularly scalable. “rollups” They may not last long despite being popular as an effective method. to keep Bitcoin payments cheapIt is fast, decentralized and easy.
Mitchnick has also stated that stablecoins were introduced. “hugely successful” In the payment sector. “They do have massive product market fit as a payment instrument as a way of moving value around efficiently,” He said.
“Stablecoins have the potential to greatly expand where they are used today, going beyond just the sort of crypto trading ecosystem and DeFi to actually doing retail remittance payments, corporate, multinational, cross-border transactions, and capital market settlement activity,” He said.
Bitcoin could be a more viable option for retail payments, but he isn’t ruling out other options. “At some point it is possible, but it’s a more speculative thing to underwrite at this point,” He said.
Stablecoins are ‘scaling faster’ than expected
Cathie Wood, CEO of ARK Invest recently stated The stablecoins “scaling faster” She has recently lowered her Bitcoin prediction for 2030.
“Stablecoins are usurping part of the role that we thought that Bitcoin would play,” She said
Related: Bitcoiners lose their mind after Scott Bessent walks into a Bitcoin bar
Wood stated that while she had previously predicted that Bitcoin’s value would be $1.5 million in 2030, stablecoins have now taken over many of the uses cases for which she believed Bitcoin to dominate. She said that it might make sense to reduce that prediction by approximately $300,000.
“I think emerging markets are huge in this regard and we’re starting to see institutions in the United States focused on new payment rails,” She said
Reeve Collins, Tether’s co-founder told Cointelegraph in September What he is expecting “all currency” As part of the broader transition to onchain, all financial forms will move onto blockchain by 2030.
Magazine: Bitcoin whale Metaplanet ‘underwater’ but eyeing more BTC: Asia Express
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Source: cointelegraph.com
