貝萊德董事長兼首席執行官拉里·芬克（Larry Fink）正式認可比特幣（BTC）作為顛覆性創新

貝萊德董事長兼首席執行官拉里·芬克（Larry Fink）在2025年給股東的年度信中正式承認比特幣是一項破壞性創新

BlackRock Chairman and CEO Larry Fink recognized in his 2025 annual letter to shareholders that Bitcoin (BTC) could challenge the U.S. dollar’s status as the global reserve currency, according to a report by CryptoSlate.

CryptoSlate的一份報告顯示，貝萊德董事長兼首席執行官拉里·芬克（Larry Fink）在2025年給股東的年度信中承認，比特幣（BTC）可能會挑戰美元作為全球儲備貨幣的地位。

The letter, which was written as federal deficits and sovereign debt levels continue to rise, frames Bitcoin as both a disruptive innovation and a geopolitical risk. Fink's commentary comes as BlackRock launched several Bitcoin investment products and expressed interest in the potential of tokenization.

這封信寫為聯邦赤字和主權債務水平的上升，比特幣既是破壞性的創新，又是地緣政治風險。 Fink的評論是因為BlackRock推出了幾種比特幣投資產品，並對令牌化的潛力表示了興趣。

"If the U.S. doesn't get its debt under control, if deficits keep ballooning, America risks losing that position to digital assets. We could see an unrolling of the dollar as the main reserve currency," Fink wrote in the firm’s March 2025 letter.

芬克在該公司2025年3月的信中寫道：“如果美國沒有得到債務的控制權，如果赤字保持膨脹，美國有可能將這一立場失去數字資產。我們可以將美元視為主要儲備貨幣。”

The inclusion of Bitcoin and the U.S. dollar with equal frequency and emphasis in Fink’s annual letter is significant. A few years ago, no one would have thought that BlackRock, the world’s largest asset manager, would spend as much time talking about Bitcoin as it would the dollar in a letter to investors.

包括比特幣和美元相同頻率的美元，重點是Fink的年度信件。幾年前，沒有人會認為世界上最大的資產經理貝萊德會花費很多時間來談論比特幣，就像給投資者的信中的美元一樣。

The letter highlights a split view on the promise of DeFi, which it praises as “an extraordinary innovation” while also warning that its rapid growth could undermine America’s financial primacy.

這封信強調了對Defi的承諾的分歧，它稱讚這是“非凡的創新”，同時還警告說，其快速增長可能破壞美國的財務上的首要地位。

The risk arises if investors begin seeing Bitcoin as a more stable long-term store of value than the U.S. dollar, especially given the ongoing federal deficits and sovereign debt levels. This framing positions Bitcoin not merely as a speculative asset or store of value but also as a macro hedge against sovereign instability.

如果投資者開始將比特幣視為比美元更穩定的長期價值存儲，尤其是考慮到持續的聯邦赤字和主權債務水平，就會產生風險。這種框架將比特幣定位為比特幣作為投機資產或價值存儲，而且是針對主權不穩定的宏觀樹籬。

The implications of this statement are far-reaching and tie into recent arguments made by institutional investors about needing digital assets as insurance against monetary debasement or geopolitical volatility.

該聲明的含義是深遠的，與機構投資者有關需要數字資產作為貨幣貶低或地緣政治波動的保險的最新論點。

"Two things can be true at the same time," Fink added, referring to the coexistence of innovation and risk in digital asset development.

芬克補充說：“兩件事可以同時正確。”

The firm's internal positioning on Bitcoin is also practical. The letter disclosed that BlackRock's U.S.-based Bitcoin ETF became the largest product launch in the history of the ETF industry, reaching over $50 billion in assets under management within its first year. It also ranked third in net asset inflows across all ETF categories, behind only S&P 500 index funds.

該公司在比特幣上的內部定位也很實際。這封信透露，貝萊德（Blackrock）總部位於美國的比特幣ETF成為ETF行業歷史上最大的產品發射，在其第一年內，管理資產超過500億美元。它還在所有ETF類別的淨資產流入中排名第三，僅次於標準普爾500指數基金。

The bulk of the demand was driven by retail adoption, with more than half the demand for BlackRock's Bitcoin ETP coming from individual investors. Notably, three-quarters of those participants had never previously owned an iShares product, suggesting Bitcoin is acting as an onboarding mechanism for a new demographic of investors.

大部分需求是由零售收養驅動的，對貝萊德比特幣ETP的需求超過一半來自個人投資者。值得注意的是，這些參與者中有四分之三以前從未擁有iShares產品，這表明比特幣是新投資者人群的入職機制。

The firm has since expanded its ETP offerings into Canada and Europe, signaling cross-border growth in institutional-grade Bitcoin investment vehicles.

此後，該公司將其ETP產品擴展到加拿大和歐洲，這標誌著機構比特幣投資工具的跨境增長。

Beyond Bitcoin, Fink's letter presents a broader thesis that tokenization could transform capital markets in ways comparable to the shift from postal mail to email. Drawing a comparison to the SWIFT network, Fink argues that tokenized asset infrastructure could bypass traditional financial intermediaries by enabling instant, peer-to-peer asset movement.

除了比特幣之外，Fink的信提出了一個更廣泛的論文，即令牌化可以以與從郵寄到電子郵件的轉變相當的方式改變資本市場。 Fink認為，與Swift網絡進行了比較，即令牌化資產基礎設施可以通過立即實現對點對點資產運動來繞過傳統的金融中介機構。

BlackRock sees tokenization as a foundational shift in asset ownership, mainly through fractionalization, improved voting systems, and increased access to high-yield investment instruments. According to the letter, these developments could democratize capital markets by lowering the operational and legal barriers that have historically limited retail investor participation in certain asset classes.

貝萊德將令牌化視為資產所有權的基本轉變，主要是通過分數化，改進的投票系統以及增加獲得高收益投資工具的機會。根據這封信，這些事態發展可以通過降低歷史上有限的零售投資者參與某些資產類別的運營和法律障礙來使資本市場民主化。

The firm also emphasized the need for updated digital identity systems, citing India's model as a benchmark. With over 90% of Indians able to securely verify smartphone transactions, the country is positioned as a leader in the digital infrastructure necessary for tokenized economies, according to the letter.

該公司還強調需要更新的數字身份系統，理由是印度的模型​​是基準。這封信說，由於超過90％的印度人能夠安全地驗證智能手機交易，因此該國被定位為代幣經濟體所需的數字基礎設施的領導者。

The inclusion of Bitcoin as a potential replacement for the dollar is a material change in institutional perception. While mainstream recognition of Bitcoin as "digital gold" has grown in recent years, BlackRock's language points to a deeper economic thesis—one in which macroeconomic policy failure could accelerate a pivot to decentralized monetary systems.

將比特幣作為美元的潛在替代是機構感知的重大變化。儘管近年來，對比特幣為“數字黃金”的主流認可，但貝萊克的語言表明了一個更深入的經濟論點，一種宏觀經濟政策失敗可以加速樞軸到分散的貨幣體系。

By citing both tokenization and Bitcoin within the same strategic outlook, the letter presents a framework where digital assets are possible systemic alternatives to fiat. For policymakers, the message is implicit but pointed: the U.S. must modernize its financial systems and manage its debt trajectory to maintain monetary leadership.

通過在同一戰略前景中引用令牌化和比特幣，該字母提出了一個框架，其中數字資產可能是法定的系統替代方案。對於政策制定者來說，信息是隱式但指向的：美國必須現代化其財務系統並管理其債務軌跡以維持貨幣領導。