比特币可以取代美元作为该国的储备货币

贝莱德（Blackrock）首席执行官拉里·芬克（Larry Fink）警告投资者，如果美国不采取债务和财政失衡的行动，比特币可以取代美元

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.

贝莱德（NYSE：BLK）的首席执行官拉里·芬克（Larry Fink）警告说，如果美国不采取措施解决其日益增长的债务和财政失衡，则比特币（BTC）可以取代美元作为该国的储备货币。

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的警告是随着资产管理巨头将自己定位为数字资产领域的关键参与者，通过标记基金和现货比特币ETF的职位很高。

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年给投资者的信中表示，由于美国增加了国民债务的历史，分散的数字货币将被视为比美元更安全的价值存储。

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.

他说，该国的债务与GDP比率在2023年上升到122％以上，这清楚地表明目前情况无法继续。随着美国债务的增加，如果解决该国的预算问题，比特币可能成为寻求稳定的外国投资者的首选替代方案。

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强调了令人不安的市场趋势，并指出，由于1989年首次在时代广场在时代广场揭幕，美国债务以经济速度增加了三倍。他说，国家债务的利息今年将首次超过国防支出，约为9520亿美元。

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.

他说，如果这种趋势持续下去，债务支付和强制性支出可能会在十年末消耗所有联邦收入，从而使国家陷入慢性赤字。

“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写道：“如果美国无法控制债务，如果赤字保持膨胀，那么美国就有可能将该立场失去该立场，例如比特币等数字资产。”

“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.”

“分散的金融是一项非凡的创新。它使市场更快，更便宜，更透明。但是，如果投资者开始将比特币视为比美元更安全的赌注，那么同样的创新可能会破坏美国的经济优势。”

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

这一观察结果与更广泛的担忧有关，即美元在经济状况恶化的情况下无法保持其作为储备货币的作用。

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的警告是因为穆迪（Moody's）这样的代理机构降低了美国信贷的前景，而两党政策中心预计，美国可能早在2025年7月就可以拖欠其债务。

Tokenization: The Future of Investing

代币化：投资的未来

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.

除了比特币外，Fink还专注于代币化，以改变金融市场。令牌化涉及从股票，债券和房地产等物理资产上创建数字令牌。

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

芬克说，这种技术转变可能会大大改变金融市场的功能，将其比作从邮政到电子邮件的过渡。

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.

代币化需要采用现实世界中的财产，债券和股票，并将其转换为可以在线买卖的数字代币。代币是一种数字所有权形式，类似于财产契据。

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，与纸质文件不同，这些令牌存储在区块链上，使个人可以立即出售和购买它们而无需任何延误或耗时的文书工作。

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

此外，芬克说，令牌化可以实现“分数所有权”，使令牌可以分为无限数量的小型单位。

“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.

他说：“每笔股票，每笔债券，每笔资金（每个资产）都可以归功。

“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.”

“目前需要几天的交易将在几秒钟内完成。目前被解决延迟固定的数十亿美元可以立即重新投资到经济中，从而产生更多的增长。”

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

他认为，令牌化将“使访问，屈服和股东投票民主化”。

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.

令牌化市场几乎可以立即促进交易来增强资产的流动性和可及性，从而消除了与传统和解程序相关的滞后。这种转变可以使分数所有权和股东参与度，同时使投资参与并提高市场效率。

BlackRock’s Digital Strategy

贝莱德的数字策略

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，其总部位于美国的比特币ETF成为ETF行业历史上增长最快的产品的推出，一年内积累了超过500亿美元的资产，并确保了所有ETF类别中净资产流入的第三个位置，在S＆P 500 Index资金后紧随其后。

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

这表明该公司在比特币上的内部地位不仅是理论上的。

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，贝莱德在其令牌资产基金方面取得了重大进展。到2025年4月，其Buidl基金被认为是全球最大的代币财政产品，预计将获得超过20亿美元的资产。

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.

最后，芬克表达了乐观的态度，即令牌化和defi的成功可以迎来一个新的金融时代，其特征是更大的力量，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.

他补充说，尽管承认存在经济不确定性的存在，但他仍然对长期稳定充满希望，他认为这将由创新和人类的适应性驱动。

“Periods of doubt are nothing new,”

“怀疑时期并不是什么新鲜事，”