BlackRock CEO, Larry Fink, says that the US dollar risks losing its dominance to Bitcoin

We take a look at how pro-crypto assertions like these could help rally the market and fuel new crypto projects like Solaxy ($SOLX) and Bitcoin Bull Token ($BTCBULL).

BlackRock CEO Larry Fink has said that the US dollar risks losing its dominant position in the global financial system to Bitcoin, a sentiment shared by Senator Cynthia Lummis.

Speaking about the difficulties faced by the US in handling its economic and financial affairs, Fink stated that the country could lose its hegemonic position to digital assets.

“If the U.S. doesn’t get its debt under control, if deficits keep ballooning, America risks losing that position to digital assets,” he wrote in his annual letter to investors.

The letter touched upon several core problems that plague U.S. society today, including the average American’s poor financial literacy and the need to democratize investments.

Fink went on to highlight how Bitcoin's decentralized nature and gradual public adoption over the years could soon threaten the supremacy of the U.S. dollar.

“The solution, I believe, can be found in digital assets, for tokenization is democratization, and Bitcoin is at the forefront of this revolution,” he added.

These statements carry even more weight considering that BlackRock's iShares Bitcoin Trust ETF holds over 570K BTC, currently valued at over $48B.

Moreover, Blackrock's BUIDL fund has received a series of USDC inflows, with the latest being $7M for a total of $33M over the past three days.

If tokenization is the future, then Blackrock is already there.

Senator Lummis slams Congress for the slow rollout of the Bitcoin Act

Known for her outspoken pro-crypto stance, Senator Lummis shared her irritation at the lack of progress on the Bitcoin Act.

Announced in July 2024, the Act is designed to allow the U.S. Federal Reserve to build up its Bitcoin pool.

After the House Financial Services Committee approved the bill in May, it now needs to be passed by both the House of Representatives and the Senate before reaching President Biden's desk.

However, despite hopes that the bill would be passed quickly, it has faced several delays in Congress.

The Act would see the U.S. Federal Reserve begin adding to its Bitcoin holdings, starting with 1% of the Treasury’s total deposits in BTC at the beginning of each quarter.

This would amount to roughly $1M in Bitcoin at the start, which would then increase incrementally each quarter as the Treasury deposits grow.

Senator Lummis took to X yesterday to express her annoyance at the lack of urgency in passing the Act.

After one user pointed out that the Senate is focused on other matters, the senator replied: "They should be focused on both. We can multi-task, people!"

Later, in response to another user who hoped that the senators would be swift in passing the Act, Lummis said: "They have time to perfect the art of the meaningless email chain."

Senator Lummis then revved up the engine of her meme coin burner for another post.

In response to a user who said that the U.S. risks losing its economic hegemony to China, Senator Lummis replied: "They’re not the only ones. We’re losing it to digital assets.”

This was a comment on a post by a user who shared a quote by BlackRock CEO Larry Fink, in which he said that the U.S. risks losing its hegemonic position to China due to its poor economic management.

"The U.S. has enjoyed economic and financial hegemony for decades, a position now threatened by China's rapid rise," Fink wrote in his annual letter to investors.

He added that the U.S. risks losing its competitive edge if it doesn't get its debt under control and continues to run large deficits.

"If we keep spending more than we take in, other nations and institutions will grow weary of holding U.S. assets," Fink said.

The BlackRock CEO also said that the average American is " woefully unprepared for the financial challenges ahead," highlighting a lack of knowledge about investing in the stock market.

"Despite having one of the greatest capital markets in the world, only about half of U.S. households invest in the stock market," Fink said.

He added that this is in stark contrast to other developed nations, where nearly all households typically participate in the equity markets.

"This lack of participation is especially problematic given the importance of long-term investing for building wealth and securing a comfortable retirement," Fink said.

Senator Lummis went on to cite this statement in her own post, where she said that the crypto sphere is entering an era of unprecedented top-level support and widespread adoption, with Bitcoin leading the way.

In this context, it’s good to keep an eye on some of the best new crypto that could be part of the next bull run.

1. Solaxy ($SOLX) – Solana’s Layer 2 for Lower Fees and Faster Transactions

Solaxy ($SOLX) is a