BlackRock: Clients View Bitcoin as Digital Gold, Not a Global Payment System
BlackRock’s head of digital assets, Robbie Mitchnick, says the firm’s clients are not interested in bitcoin as a payment instrument. Instead, they overwhelmingly treat it as a long-term store of value — a form of “digital gold.” His comments reflect how the institutional narrative around bitcoin has shifted as large asset managers enter the market.According to Mitchnick, investors evaluating bitcoin today are focused on its role as a scarce, durable asset that protects wealth over long periods. The idea of bitcoin functioning as an everyday payment currency, he said, rarely appears in institutional decision-making. “For us and for most of our clients, they are not betting on the scenario of a global payment network,” he explained during a recent podcast interview.
Bitcoin’s narrative has been reshaped by institutions
As major financial players like BlackRock, Fidelity and other asset managers integrate bitcoin-focused products, the dominant framing has moved away from the early vision of bitcoin as a peer-to-peer cash system. Instead, institutions see it as a macro asset — a hedge against inflation, monetary instability and long-term debasement of fiat currencies.Mitchnick said that this perspective has remained consistent across client conversations. “Digital gold” is the lens through which most allocators evaluate its risk and potential upside. The transactional use case, while theoretically interesting, is not a priority for them because payment rails require stability, low volatility and instant settlement — traits better matched by stablecoins.
Cathie Wood: Stablecoins are scaling faster than expected
The view from BlackRock aligns with recent comments by ARK Invest CEO Cathie Wood, who said stablecoins are expanding their utility more quickly than analysts predicted. This rapid adoption has influenced her long-term forecasts for bitcoin’s price, prompting her to revise her 2030 projection downward.Wood argues that stablecoins have effectively captured parts of the role early bitcoin advocates envisioned for BTC. “Stablecoins are usurping some of the role we thought bitcoin would play,” she noted. Their low volatility, regulatory momentum and increasing integration into global financial infrastructure have made them more suitable for payments than bitcoin’s volatile price cycle.
Why institutions don’t expect bitcoin to evolve into a payment rail
Mitchnick emphasized that institutions care about clear use cases backed by predictable economic behaviour. Bitcoin’s strongest advantage — being a fixed-supply, censorship-resistant asset — makes it excellent for wealth preservation but less suited for day-to-day transactions. Volatility discourages spending, and the regulatory landscape remains complex for payment adoption.Meanwhile, stablecoins continue to expand across remittances, e-commerce, payroll systems and global settlements. Their growth supports Wood’s thesis that stablecoins, not bitcoin, will anchor the next generation of payment networks.
The store-of-value thesis remains dominant
Despite fluctuating market conditions, institutional investors continue to view bitcoin as a multi-decade asset. For them, BTC’s appeal lies in its neutrality, scarcity and independence from traditional monetary frameworks. The digital gold thesis has become stronger as governments expand debt levels and inflationary pressures remain elevated.Mitchnick’s remarks reinforce this narrative: bitcoin is increasingly positioned not as a currency for daily transactions, but as a strategic asset meant to outlast economic cycles. This view guides how the world’s largest asset manager structures its digital-asset products and communicates with institutional clients.
Editorial Team — CoinBotLab