貝萊德首席執行官拉里·芬克（Larry Fink）警告說，美國債務危機可以提高比特幣作為替代儲備資產的作用

美國債務危機上升對美元的全球統治地位構成了重大威脅，有可能提高比特幣作為替代儲備資產的作用。

BlackRock CEO Larry Fink has warned that the US could lose the dollar’s global dominance to Bitcoin as a result of the rising debt crisis, which poses a greater threat than inflation.

BlackRock首席執行官拉里·芬克（Larry Fink）警告說，由於債務危機的上升，美國可能會失去美元對比特幣的全球優勢，這構成了比通貨膨脹更大的威脅。

In his 2025 annual letter, Fink cautioned that the unchecked expansion of federal debt, now exceeding 100% of GDP, could destabilize the financial system, potentially leading investors to seek alternatives like digital assets.

芬克在2025年的年度信中警告說，現在超過GDP的100％的聯邦債務的不受組織的擴張可能會破壞金融體系，這可能會導致投資者尋求諸如數字資產之類的替代方案。

With interest payments projected to exceed $952 billion this year, outpacing even defense expenditures, Fink highlighted the urgency of financial innovation to navigate growing economic risks.

由於預計今年的利息支付將超過9520億美元，甚至超過了國防支出，Fink強調了金融創新的緊迫性，以駕駛不斷增長的經濟風險。

Debt crisis and the threat to the dollar

債務危機和對美元的威脅

Fink warned that by 2030, mandatory spending and debt servicing could consume all federal revenue, pushing the US into a “permanent deficit.” This, he argued, could undermine confidence in the dollar’s position as the world’s primary reserve currency.

Fink警告說，到2030年，強制性支出和債務服務可能會消耗所有聯邦收入，從而將美國陷入“永久赤字”。他認為，這可能會破壞對美元作為世界主要儲備貨幣的地位的信心。

“And if deficits continue to balloon unchecked, global investors may increasingly turn to decentralized alternatives like Bitcoin to preserve value,” he added.

他補充說：“而且，如果赤字繼續不受限制地激怒，全球投資者可能會越來越多地轉向分散的替代品，例如比特幣來保持價值。”

To mitigate these financial risks, Fink emphasized the potential of decentralized finance (DeFi) and asset tokenization in modernizing financial markets.

為了減輕這些財務風險，芬克強調了分散財務（DEFI）和資產令牌化在現代化金融市場中的潛力。

Tokenization—the process of converting traditional assets like stocks, bonds, and real estate into blockchain-based tokens—enables faster transactions, fractional ownership, and broader investment access.

代幣化（將股票，債券和房地產等傳統資產轉換為基於區塊鏈的令牌的過程）可以更快地交易，部分所有權和更廣泛的投資訪問。

He likened the outdated financial infrastructure, including SWIFT, to “routing emails through the postal office,” reinforcing blockchain’s growing significance in global finance.

他將過時的金融基礎設施（包括Swift）比作“通過郵政局進行路由電子郵件”，增強了區塊鏈在全球財務上的重要意義。

Institutional adoption of Bitcoin grows

比特幣的機構採用

Fink also highlighted the growing institutional acceptance of Bitcoin, referencing BlackRock’s US Bitcoin exchange-traded product (ETP), IBIT, which surpassed $50 billion in assets under management within a year.

Fink還強調了比特幣的製度接受程度不斷增長，它指的是BlackRock的美國比特幣交易所交易產品（ETP）IBIT，該產品在一年內超過了500億美元的資產。

While he acknowledged Bitcoin’s increasing appeal as a store of value, he warned that America’s deteriorating fiscal stability could accelerate its adoption.

儘管他承認比特幣作為價值儲存的吸引力日益增加，但他警告說，美國的財政穩定性惡化可能會加速其採用。

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

芬克說：“如果美國沒有控制債務，如果赤字保持膨脹，那麼美國就有可能將該立場失去該地位，將其輸給像比特幣這樣的數字資產。”

Despite the promise of tokenization and DeFi, Fink stressed that their long-term success hinges on regulatory advancements. Clear frameworks addressing identity verification, operational inefficiencies, and investor protection are essential for these innovations to thrive.

儘管有像徵化和defi的承諾，但芬克強調，他們的長期成功取決於監管進步。針對身份驗證，運營效率低下和投資者保護的清晰框架對於這些創新蓬勃發展至關重要。

He urged policymakers to embrace financial modernization, warning that markets do not naturally evolve to serve everyone equally.

他敦促決策者接受金融現代化，警告市場自然不會發展以平等地為每個人服務。

BlackRock’s commitment to blockchain and digital asset markets is evident in its recent acquisitions and infrastructure investments.

貝萊德對區塊鍊和數字資產市場的承諾在其最近的收購和基礎設施投資中很明顯。

As fiscal pressures mount, Fink’s message remains clear: financial innovation is no longer optional—it is a necessity.

隨著財政壓力的增加，Fink的信息仍然很明確：財務創新不再是可選的，這是必要的。