US EditionBlackRock CEO Larry Fink says protectionism ‘has returned with force’
- BlackRock, led by CEO Larry Fink, became an issuer of a spot Bitcoin ETF in January 2024, and Fink has voiced concerns that Bitcoin could challenge the U.S. Dollar's status as the world's reserve currency.
- The growing U.S. National debt, currently at $36.6 trillion and exceeding the size of the country's economy, along with increasing federal interest payments, could devalue the dollar and make Bitcoin a more attractive investment.
- Fink acknowledges the potential of digital assets and decentralized finance to enhance market efficiency and accessibility, as demonstrated by BlackRock's launch of the tokenized money market fund BUIDL, which manages nearly $50 billion in assets and is projected to reach $2 billion by April.
- Fink stated, "The U.S. Has benefited from the dollar serving as the worlds reserve currency for decades," but also cautioned that "If the U.S. Fails to manage its debts, it risks forfeiting its status as the worlds reserve currency to digital assets like Bitcoin."
- Despite Fink's concerns and a potential shift towards Bitcoin, the World Bank and other economists express skepticism about Bitcoin's viability as a reserve currency due to its volatility, liquidity issues, and regulatory ambiguities, highlighting that central banks require safe, liquid, and stable assets.
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