BlackRock executive: Clients invest in Bitcoin primarily for "digital gold" considerations, not for global payment scenarios.

According to a report by Cointelegraph, Robbie Mitchnick, head of BlackRock's digital assets division, stated that most clients of the world's largest asset management company do not consider Bitcoin's widespread use in everyday payments when deciding whether to invest.

In a podcast interview released on Friday, Mitchnick said, "I don't think that for us, and for most of our customers today, they're really investing in it as a case study of a global payments network." He described the possibility of Bitcoin being widely used for everyday payments in the future as "potentially out-of-the-money-option-value upside."

Mitchnick emphasized that this doesn't mean Bitcoin will ultimately fail to achieve widespread payment uses, but he called that scenario "more speculative," highlighting that investors are currently more focused on arguments for Bitcoin as "digital gold" or a store of value. He believes that for a shift in payment scenarios to occur, "a lot needs to happen," including advancements in Bitcoin scaling and technologies like Lightning.