Bitcoin's Role: Store of Value vs. Payment Network
BlackRock believes stablecoins are moving ahead faster than Bitcoin when it comes to everyday payments. The firm says most clients still view Bitcoin as a long-term store of value, not a tool for daily transactions.
Robbie Mitchnick, who leads digital assets at BlackRock, said most major investors are not basing their Bitcoin decisions on the idea that it will become a global payment network. In a podcast interview, he explained that clients mainly see Bitcoin as a form of digital gold. They value it for holding wealth over time, not for buying goods or sending money across borders.
Mitchnick noted that Bitcoin could still grow into a wider payments role in the future, but he called that outcome uncertain. He said it would require major advances in scaling tools such as the Lightning Network. Research groups have also said that many current Bitcoin payment solutions may not hold up long-term, adding another layer of caution.
Stablecoins' Rapid Growth in Real-World Use
While Bitcoin payment adoption remains slow, Mitchnick said stablecoins are seeing strong growth. He described them as "hugely successful" because they let people move money cheaply and quickly. Today they are used mostly inside the crypto ecosystem, but BlackRock expects that to change.
Mitchnick said stablecoins could expand into retail transfers, business payments, cross-border transactions, and even financial settlement systems. He added that Bitcoin may still compete in some areas, especially international transfers, but the market is moving faster in favor of stablecoins.
INSIGHT:
BlackRock says their clients see Bitcoin as digital gold, not a payments network.
That tells you exactly where the real demand is coming from: Wealth preservation. Institutional positioning.
The narrative isn’t drifting. It’s shifting at the highest level.
— Merlijn The Trader (@MerlijnTrader) November 23, 2025
Other industry leaders agree. ARK Invest CEO Cathie Wood recently lowered her long-term Bitcoin forecast because stablecoins are growing more quickly than expected. She said many of the roles once expected for Bitcoin are now being filled by dollar-pegged tokens. Some builders expect this shift to continue, saying most currencies could move on-chain by the end of the decade.
🚨 Over 5 million stablecoin users now make monthly payments on Solana as activity hits a new all time high
— The Solana Post (@thesolanapost) November 1, 2025
Evolving Financial Landscape
The contrast between Bitcoin and stablecoins reflects how payment technology is evolving. BlackRock says investors still trust Bitcoin as a store of value, while stablecoins gain ground in practical, everyday use. As these trends continue, both assets may shape different parts of the global financial system.