BlackRock CEO Larry Fink described both bitcoin and gold as “assets of fear” during his remarks at the Future Investment Initiative in Saudi Arabia.
Fink argued that investors are increasingly turning to these assets due to anxiety over the debasement of traditional holdings and mounting concerns around global financial stability:
“Owning crypto assets or gold are assets of fear. You own these assets because you’re frightened of the debasement of your assets.”
Fink also noted that worries extend to the physical and financial security of holdings.
Dollar dependency and global finance shifts
Addressing the US economic landscape, Fink expressed concern about American reliance on selling dollar-based assets to foreign investors. He warned:
“We still are a nation that needs 30% to 35% of all our Treasury sales going overseas, and, to me, that’s the biggest issue today. If that ever changed, it has a multiplier effect because of the dependency on selling dollar-based assets to foreigners.”
Fink called for unlocking private capital to reduce this dependency.
Central banks and the question of tokenization
Fink revealed that global central banks are increasingly questioning the role tokenization and digitization will play in the future of money.
He highlighted ongoing debates around how quickly central banks should digitize their currencies, the implications for the US dollar, and the broader impact on payment systems.
“I think we spend so much time talking about AI. We’re not spending enough time talking about how quickly we’re going to tokenize every financial asset. And I think that’s going to happen worldwide very rapidly. And I think most countries are ill prepared for that and under-appreciate how technology is changing that.”
BlackRock’s bitcoin position
BlackRock stands among the largest holders of bitcoin through its iShares Bitcoin Trust, which holds over 805,000 BTC as of October 2025—outpacing even MicroStrategy’s holdings.
Fink’s outlook on tokenization and his comments on bitcoin reflect a broader shift among institutional investors toward digital assets as concerns about inflation, dollar stability, and global asset security persist.
