贝莱德首席执行官拉里·芬克（Larry Fink）警告说，美国债务危机可以提高比特币作为替代储备资产的作用

美国债务危机上升对美元的全球统治地位构成了重大威胁，有可能提高比特币作为替代储备资产的作用。

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首席执行官拉里·芬克（Larry Fink）警告说，由于债务危机的上升，美国可能会失去美元对比特币的全球优势，这构成了比通货膨胀更大的威胁。

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年的年度信中警告说，现在超过GDP的100％的联邦债务的不受组织的扩张可能会破坏金融体系，这可能会导致投资者寻求诸如数字资产之类的替代方案。

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.

由于预计今年的利息支付将超过9520亿美元，甚至超过了国防支出，Fink强调了金融创新的紧迫性，以驾驶不断增长的经济风险。

Debt crisis and the threat to the dollar

债务危机和对美元的威胁

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警告说，到2030年，强制性支出和债务服务可能会消耗所有联邦收入，从而将美国陷入“永久赤字”。他认为，这可能会破坏对美元作为世界主要储备货币的地位的信心。

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

他补充说：“而且，如果赤字继续不受限制地激怒，全球投资者可能会越来越多地转向分散的替代品，例如比特币来保持价值。”

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

为了减轻这些财务风险，芬克强调了分散财务（DEFI）和资产令牌化在现代化金融市场中的潜力。

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.

代币化（将股票，债券和房地产等传统资产转换为基于区块链的令牌的过程）可以更快地交易，部分所有权和更广泛的投资访问。

He likened the outdated financial infrastructure, including SWIFT, to “routing emails through the postal office,” reinforcing blockchain’s growing significance in global finance.

他将过时的金融基础设施（包括Swift）比作“通过邮政局进行路由电子邮件”，增强了区块链在全球财务上的重要意义。

Institutional adoption of Bitcoin grows

比特币的机构采用

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还强调了比特币的制度接受程度不断增长，它指的是BlackRock的美国比特币交易所交易产品（ETP）IBIT，该产品在一年内超过了500亿美元的资产。

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

尽管他承认比特币作为价值储存的吸引力日益增加，但他警告说，美国的财政稳定性恶化可能会加速其采用。

“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.

芬克说：“如果美国没有控制债务，如果赤字保持膨胀，那么美国就有可能将该立场失去该地位，将其输给像比特币这样的数字资产。”

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.

尽管有象征化和defi的承诺，但芬克强调，他们的长期成功取决于监管进步。针对身份验证，运营效率低下和投资者保护的清晰框架对于这些创新蓬勃发展至关重要。

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

他敦促决策者接受金融现代化，警告市场自然不会发展以平等地为每个人服务。

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

贝莱德对区块链和数字资产市场的承诺在其最近的收购和基础设施投资中很明显。

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

随着财政压力的增加，Fink的信息仍然很明确：财务创新不再是可选的，这是必要的。