Pro base64: the encoded representation you handle is a pretty safe string. It contains neither control chars nor quotes. The latter point helps against SQL injection attempts. I wouldn't expect any problem to just add the value to a "hand coded" SQL query string.
Pro BLOB: the database manager software knows what type of data it has to expect. It can optimize for that. If you'd store base64 in a TEXT field it might try to build some index or other data structure for it, which would be really nice and useful for "real" text data but pointless and a waste of time and space for image data. And it is the smaller, as in number of bytes, representation.