BlackRock: Bitcoin Remains a Store of Value, Not a Global Payment Network
Date: 2025-11-25 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
BlackRock's Head of Digital Assets, Robert Mitchnick, stated in an interview that Bitcoin's current role is much closer to that of "digital gold" than a universal payment mechanism. He emphasized that large-scale transaction processing requires further development of second-layer infrastructure, including the Lightning Network. He stated that without significant technological advances, it is premature to talk about Bitcoin's global adoption in payments.
Mitchnick specifically noted changes in the composition of BlackRock's Bitcoin ETF investors. While at the beginning of 2024, the product was primarily used by retail participants, by the end of the year, institutional investors had become more active, and the shares of both groups are now almost equal. Hedge funds, he added, most often use Bitcoin as a tool for arbitrage strategies, combining long positions in spot and short positions in futures.
Large financial institutions—from pension funds to family offices—view Bitcoin primarily as a safe haven asset and a means of diversification. Mitchnick recalled that gold, Bitcoin, and, to some extent, silver have historically been considered global alternatives to traditional currencies. He pointed out that the crypto industry harmed itself by classifying Bitcoin as a risky asset, thereby creating behavioral patterns that are inconsistent with its true nature.
In his opinion, the leading cryptocurrency is supported by low interest rates, dollar weakness, and liquidity. At the same time, Mitchnick emphasized that Bitcoin should not be sensitive to geopolitics, as it is not tied to any one state.
He also commented on stablecoins, calling them an effective means of transferring value. Mitchnick is convinced that their use will soon expand beyond crypto exchanges and DeFi, encompassing retail payments, corporate transfers, and international transactions. However, he believes that competition from Bitcoin is only possible in a narrow sector—primarily retail transfers.
Assessing market sentiment following the events of October 10-11, Mitchnick warned against expecting a quick recovery; the market needs time to stabilize. He reiterated that trying to "catch the perfect moment" is pointless, and the optimal strategy remains long-term holding for at least three years.
Mitchnick also discussed the gradual evolution of BlackRock CEO Larry Fink's views, who has reconsidered his stance on Bitcoin in recent years. He noted that Fink deserves credit for his ability to change his position based on new data. Fink recently admitted that he no longer views Bitcoin as a tool for money laundering, as he did in 2017.
