Who is the CEO of BlackRock? Larry Fink's latest views on Bitcoin

In the 2025 annual letter to investors, BlackRock CEO Larry Fink warned with unprecedented firmness that if the United States fails to control its ever-expanding debt and fiscal deficit, the dollar's status as the global reserve currency could give way to emerging digital assets such as Bitcoin.

The head of this financial giant, which manages nearly $10 trillion in assets, is casting an important vote of confidence for the future development direction of global financial markets with his recognition of Bitcoin and tokenization technology.

Challenge to the Dollar's Status

Fink pointed out in the report: "For decades, the United States has benefited from the status of the dollar as the global reserve currency. But this status is not guaranteed forever."

He provided worrying data: since the "national debt clock" started counting in Times Square in 1989, the growth rate of U.S. national debt has been three times that of GDP. By 2025, interest payments alone will exceed $952 billion, surpassing defense spending.

What is even more alarming is that by 2030, mandatory government spending and debt servicing will consume all federal revenue, creating a long-term deficit. Fink believes that if this fiscal trajectory continues, "the United States could potentially relinquish this position to digital assets like Bitcoin."

BlackRock's Crypto Strategy

Despite warnings about the future of the dollar, Fink clearly stated: "It needs to be noted that I am not opposed to digital assets." In fact, BlackRock has made a significant entry into the cryptocurrency space.

BlackRock's Bitcoin ETF launched in the United States has become the largest exchange-traded product debut in history, with assets under management exceeding $50 billion in less than a year. IBIT is the third most attractive product in the entire ETF industry, with more than half of the demand coming from retail investors.

Three-quarters of IBIT investors had never held iShares products before, indicating that Bitcoin is attracting a new group of investors. By 2025, BlackRock has expanded its Bitcoin products to exchange-traded products (ETP) in Canada and Europe.

Tokenization: The Highway to the Financial Future

Fink described in his letter how tokenization profoundly changes the financial ecosystem, referring to tokenization as the "highway" of the financial future.

He compared the contrast between traditional systems and tokenization to "SWIFT is postal service, while tokenization is the email itself—assets can circulate directly and instantly, bypassing all intermediaries."

Tokenization allows for the fragmented holding of assets, meaning that previously high-threshold assets (such as private real estate and private equity) will be open to a wider group of investors, significantly lowering the barriers to entry.

Fink believes that tokenization can democratize shareholder voting and revenue, allowing more people to gain access to high-yield areas.

Challenges of Digital Identity Verification

Fink also candidly pointed out that the widespread adoption of tokenization still faces key technical and regulatory challenges: "One day in the future, I believe tokenized funds will become a daily allocation for investors just like ETFs — but the premise is that we need to overcome a key issue: identity verification."

He mentioned that India has achieved significant progress in this area: "Today, over 90% of Indians can securely complete transaction verification through smartphones." This provides a viable example of digital identity verification for other countries.

Crypto Assets in the Context of the Global Economy

Fink also expressed his views on the global economic situation. In May 2025, he stated that "the strength of the entire financial system is safe and sound," a statement that helps alleviate concerns about systemic risk.

In a speech in April 2025, Fink warned that the market could drop another 20% and noted that "we will face volatility in the next 90 days."

He also observed that funds are beginning to slightly shift from the United States to other economies, particularly towards Europe. This change in global capital flow may create new investment opportunities for digital assets.

Expansion of Institutional Influence

In August 2025, Fink was appointed as the interim co-chairman of the World Economic Forum (WEF). This position is expected to enhance his influence on global financial policy, particularly in promoting the development of digital assets and ESG investments.

Analysts believe that Fink's new role could help accelerate the institutional adoption of cryptocurrencies and shape a favorable policy environment for digital assets.

Fink emphasized in a letter to investors that while decentralized finance is an "extraordinary innovation," its development could challenge the financial dominance of the United States.

His viewpoint reflects a profound shift in the attitudes of traditional financial leaders towards digital assets: it is no longer a question of whether to adopt, but how to adapt and guide this inevitable financial transformation. In this transformation, tokenization is no longer a distant concept, but is becoming the new infrastructure of the financial world.