BlackRock: Bitcoin Digital Gold, Stablecoins Power Payments
BlackRock’s head of digital assets, Robbie Mitchnick, says most institutional clients view Bitcoin as a store-of-value or “digital gold” rather than a daily payment network. He warns that Bitcoin must improve scalability and boost Lightning Network adoption to compete in payments. In contrast, stablecoins show strong product–market fit across retail remittances, corporate transactions, cross-border transfers and capital market settlement. Galaxy Research raises doubts over the long-term sustainability of Bitcoin layer-2 rollups, while ARK Invest CEO Cathie Wood recently lowered her 2030 Bitcoin price target by $300,000, citing the faster-than-expected growth of stablecoins. Tether co-founder Reeve Collins predicts that by 2030 all currencies could become stablecoins. Traders should monitor Bitcoin scaling progress, Lightning Network uptake and stablecoin regulation to gauge future market dynamics.
Bearish
The emphasis on Bitcoin as a digital gold store-of-value, combined with stablecoins’ superior payment performance and high-profile price target cuts, suggests limited near-term upside for BTC’s price. Traders may remain cautious as scaling delays and Lightning Network adoption slow Bitcoin’s payment use case, while stablecoin growth diverts transactional demand. However, Bitcoin’s role as a store-of-value could support price stability over the long term, moderating bearish pressure.