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In his annual letter to investors, BlackRock CEO Larry Fink expressed concerns that escalating U.S. national debt might drive investors toward alternative assets like Bitcoin, potentially undermining the U.S. dollar’s status as the world’s reserve currency.
Fink highlighted the rapid growth of U.S. debt, which reached $36.2 trillion as of March 2025, increasing by $1.8 trillion over the past year. He warned that if this trajectory continues, investors may seek safer alternatives, with Bitcoin emerging as a viable option.
Emphasizing the transformative potential of decentralized finance (DeFi), Fink noted that while innovations in this space offer faster, more transparent markets, they could also diminish America’s economic advantage if investors perceive Bitcoin as a safer bet than the dollar.
Fink also discussed the democratizing effect of asset tokenization, suggesting that converting traditional assets into digital tokens could revolutionize investing by enabling instant transactions and reducing settlement delays. He projected that widespread tokenization could unlock billions of dollars currently immobilized by settlement processes, fostering economic growth.
