比特幣可以取代美元作為該國的儲備貨幣

貝萊德（Blackrock）首席執行官拉里·芬克（Larry Fink）警告投資者，如果美國不採取債務和財政失衡的行動，比特幣可以取代美元

The CEO of BlackRock (NYSE:BLK), Larry Fink, has warned that if the U.S. does not take steps to address its growing debt and fiscal imbalances, Bitcoin (BTC) could replace the U.S. dollar as the country’s reserve currency.

貝萊德（NYSE：BLK）的首席執行官拉里·芬克（Larry Fink）警告說，如果美國不採取措施解決其日益增長的債務和財政失衡，則比特幣（BTC）可以取代美元作為該國的儲備貨幣。

Fink’s warning comes as the asset management giant is positioning itself as a key player in the digital asset space, with large positions in Bitcoin through tokenized funds and a spot Bitcoin ETF.

Fink的警告是隨著資產管理巨頭將自己定位為數字資產領域的關鍵參與者，通過標記基金和現貨比特幣ETF的職位很高。

In his 2025 Letter to Investors, Fink expressed concern that the decentralized digital currency would be seen as a safer store of value than the dollar due to the U.S.’s history of running up national debt.

Fink在2025年給投資者的信中表示，由於美國增加了國民債務的歷史，分散的數字貨幣將被視為比美元更安全的價值存儲。

The nation’s debt-to-GDP ratio, which rose above 122% in 2023, was a clear sign that the current situation could not continue, he said. As U.S. debt increases, Bitcoin could become a preferred alternative among foreign investors seeking stability if the country’s budget issues are addressed.

他說，該國的債務與GDP比率在2023年上升到122％以上，這清楚地表明目前情況無法繼續。隨著美國債務的增加，如果解決該國的預算問題，比特幣可能成為尋求穩定的外國投資者的首選替代方案。

Fink highlighted a troubling market trend, noting that since the national debt clock was first unveiled in Times Square in 1989, U.S. debt has increased at triple the rate of the economy. He said interest on the national debt will exceed defense spending for the first time this year at around $952 billion.

Fink強調了令人不安的市場趨勢，並指出，由於1989年首次在時代廣場在時代廣場揭幕，美國債務以經濟速度增加了三倍。他說，國家債務的利息今年將首次超過國防支出，約為9520億美元。

If this trend continues, debt payments and mandatory spending could consume all federal revenue by the end of the decade, pushing the nation into a chronic deficit, he said.

他說，如果這種趨勢持續下去，債務支付和強制性支出可能會在十年末消耗所有聯邦收入，從而使國家陷入慢性赤字。

“If the U.S. doesn't get its debt under control, if deficits keep ballooning, America risks losing that position to digital assets like Bitcoin,” Fink wrote.

Fink寫道：“如果美國無法控制債務，如果赤字保持膨脹，那麼美國就有可能將該立場失去該立場，例如比特幣等數字資產。”

“Decentralized finance is an extraordinary innovation. It makes markets faster, cheaper, and more transparent. Yet that same innovation could undermine America’s economic advantage if investors begin seeing Bitcoin as a safer bet than the dollar.”

“分散的金融是一項非凡的創新。它使市場更快，更便宜，更透明。但是，如果投資者開始將比特幣視為比美元更安全的賭注，那麼同樣的創新可能會破壞美國的經濟優勢。”

This observation ties into broader concerns that the dollar cannot maintain its role as a reserve currency amid worsening economic conditions.

這一觀察結果與更廣泛的擔憂有關，即美元在經濟狀況惡化的情況下無法保持其作為儲備貨幣的作用。

Fink’s warnings come as agencies like Moody’s have downgraded the outlook on U.S. credit and the Bipartisan Policy Center has projected that the U.S. could default on its debt as early as July 2025.

Fink的警告是因為穆迪（Moody's）這樣的代理機構降低了美國信貸的前景，而兩黨政策中心預計，美國可能早在2025年7月就可以拖欠其債務。

Tokenization: The Future of Investing

代幣化：投資的未來

Aside from Bitcoin, Fink focused on tokenization for its potential to transform financial markets. Tokenization involves creating digital tokens on blockchain technology from physical assets such as stocks, bonds, and real estate.

除了比特幣外，Fink還專注於代幣化，以改變金融市場。令牌化涉及從股票，債券和房地產等物理資產上創建數字令牌。

Fink said this technological shift could drastically alter the way financial markets function, likening it to the transition from postal mail to email.

芬克說，這種技術轉變可能會大大改變金融市場的功能，將其比作從郵政到電子郵件的過渡。

Tokenization entails taking real-world assets like property, bonds, and stocks and converting them into digital tokens that can be bought and sold online. The token acts as a digital form of ownership, similar to a property deed.

代幣化需要採用現實世界中的財產，債券和股票，並將其轉換為可以在線買賣的數字代幣。代幣是一種數字所有權形式，類似於財產契據。

However, unlike paper documents, these tokens are stored on a blockchain, allowing individuals to sell and buy them instantly without any delays or time-consuming paperwork.

但是，與紙質文件不同，這些令牌存儲在區塊鏈上，使個人可以立即出售和購買它們而無需任何延誤或耗時的文書工作。

Moreover, Fink said tokenization enables “fractional ownership,” permitting the token to be divided into an infinite number of small units.

此外，芬克說，令牌化可以實現“分數所有權”，使令牌可以分為無限數量的小型單位。

“Every stock, every bond, every fund—every asset—can be tokenized. If they are, it will revolutionize investing. Markets wouldn'¹t need to close,” he said.

他說：“每筆股票，每筆債券，每筆資金（每個資產）都可以歸功。

“Transactions that currently take days would clear in seconds. And billions of dollars currently immobilized by settlement delays could be reinvested immediately back into the economy, generating more growth.”

“目前需要幾天的交易將在幾秒鐘內完成。目前被解決延遲固定的數十億美元可以立即重新投資到經濟中，從而產生更多的增長。”

In his view, tokenization will “democratize access, yield, and shareholder voting.”

他認為，令牌化將“使訪問，屈服和股東投票民主化”。

Tokenized markets would enhance the liquidity and accessibility of assets by facilitating transactions almost instantaneously, eliminating the lag associated with traditional settlement procedures. Such a shift may enable fractional ownership and shareholder engagement while democratizing investment participation and boosting market efficiency.

令牌化市場幾乎可以立即促進交易來增強資產的流動性和可及性，從而消除了與傳統和解程序相關的滯後。這種轉變可以使分數所有權和股東參與度，同時使投資參與並提高市場效率。

BlackRock’s Digital Strategy

貝萊德的數字策略

In the letter, BlackRock noted that its U.S.-based Bitcoin ETF became the fastest-growing product launch in the ETF industry’s history, amassing over $50 billion in assets under management in one year and securing the third spot for net asset inflows among all ETF categories, trailing closely behind S&P 500 index funds.

BlackRock在信中指出，其總部位於美國的比特幣ETF成為ETF行業歷史上增長最快的產品的推出，一年內積累了超過500億美元的資產，並確保了所有ETF類別中淨資產流入的第三個位置，在S＆P 500 Index資金後緊隨其後。

This indicates that the company’s internal position on Bitcoin is not merely theoretical.

這表明該公司在比特幣上的內部地位不僅是理論上的。

Furthermore, BlackRock has made significant progress with its tokenized asset funds; by April 2025, its BUIDL fund, recognized as the world’s largest tokenized treasury product, is expected to reach assets of over $2 billion.

此外，貝萊德在其令牌資產基金方面取得了重大進展。到2025年4月，其Buidl基金被認為是全球最大的代幣財政產品，預計將獲得超過20億美元的資產。

Finally, Fink expressed optimism that the success of tokenization and DeFi can usher in a new era of finance, characterized by greater strength, efficiency, and inclusivity.

最後，芬克表達了樂觀的態度，即令牌化和defi的成功可以迎來一個新的金融時代，其特徵是更大的力量，效率和包容性。

He added that he remains hopeful for long-term stability, which he believes will be driven by innovation and human adaptability, despite acknowledging the presence of economic uncertainty.

他補充說，儘管承認存在經濟不確定性的存在，但他仍然對長期穩定充滿希望，他認為這將由創新和人類的適應性驅動。

“Periods of doubt are nothing new,”

“懷疑時期並不是什麼新鮮事，”