In his 2025 annual letter, BlackRock Chairman and CEO Larry Fink acknowledged that Bitcoin could challenge the U.S. dollar’s status as the world’s reserve currency.


“If the U.S. doesn’t get its debt under control and deficits continue to balloon, America risks losing that position to digital assets like Bitcoin,” Fink wrote in BlackRock’s March 2025 letter.


This statement marks a notable shift from the leader of the world’s largest asset manager, underscoring digital assets as potential alternatives to the dollar.


Throughout the letter, Fink referenced Bitcoin seven times and the dollar eight times, highlighting the growing role of cryptocurrencies in financial discourse.


BlackRock’s report frames Bitcoin as both an innovation and a risk, cautioning that if investors begin viewing it as a more stable long-term store of value than the dollar, it could weaken U.S. financial dominance.


Fink emphasized that “two things can be true at the same time,” acknowledging both the opportunities and challenges posed by digital assets.


Beyond Bitcoin, he positioned tokenization as a transformative force in capital markets, comparing its impact to the transition from postal mail to email.


According to Fink, tokenized assets could bypass financial intermediaries, democratize access to investments through fractional ownership, and enhance voting systems.


BlackRock also pointed to India’s digital identity system as a benchmark for secure transactions, noting that over 90% of Indians verify smartphone payments—a model that could shape future tokenized economies.