Larry Fink, CEO of BlackRock, expressed concern in his annual letter to investors about the possibility of the dollar losing its status as the world’s reserve currency. He emphasized that the U.S. risks losing its economic dominance if it does not take control of its national debt.
This is reported by Business • Media
Fink noted that
“the U.S. debt clock started ticking”
in 1989. He warned that by 2030, servicing the national debt could consume all revenues, leading to a permanent deficit.
“If the U.S. does not take control of its debt, and if the deficit continues to grow, America risks ceding its position to digital assets like Bitcoin,” the letter stated. Fink also noted that he is not opposed to crypto assets, considering them an “extraordinary innovation.” He emphasized that digital assets could threaten the economic dominance of the U.S. if investors begin to view Bitcoin as a safer alternative to the dollar.
Furthermore, Fink compared the SWIFT system to an outdated postal service, stating that tokenization is the modern email. He has also previously spoken about the enormous potential of this technology, highlighting that the tokenization of real-world assets will become the next global trend.
It is also worth noting that Fink has previously compared Bitcoin to gold, which prompted similar statements from the Chair of the U.S. Federal Reserve, Jerome Powell, who does not view Bitcoin as a threat to the dollar.