BlackRock: Bitcoin investors are not "betting" on it becoming a global payments network.

Robbie Mitchnick, head of digital assets at BlackRock, stated that Bitcoin investors are not betting on it becoming a global payments network. "Payment functionality is merely an out-of-the-money option with additional upside," he said, adding that the current investment logic remains primarily based on the "digital gold/store of value" narrative. Mitchnick pointed out that Bitcoin needs significant breakthroughs in scaling and the Lightning Network to become a true payment tool. In contrast, stablecoins have already achieved "huge success" in the payments sector and will expand from crypto transactions and DeFi to retail remittances, cross-border corporate payments, and capital market settlements. He believes Bitcoin remains competitive in retail remittance scenarios, but its prospects for large-scale payments are more speculative. (Cointelegraph)