Going out on a limb here, but I am guessing that the Bluetooth "channel" can't carry enough bits per second to display Bluray video, even if it was compressed. Your Bluray player may have some other method, like Ethernet or USB 3.0 to get video out. I have a box that takes TV/cable in and does Ethernet out from SiliconDust, in 1080i (I think).
Again, going out on a limb, my guess is that the Bluetooth is for remote control. You will have to sniff around on the Bluray player's website, or maybe Google Play, or the Apple store is called. It is also possible that the manufacturer used Bluetooth for communications between their remote and the player, and you are screwed.