贝莱德董事长兼首席执行官拉里·芬克（Larry Fink）正式认可比特币（BTC）作为颠覆性创新

贝莱德董事长兼首席执行官拉里·芬克（Larry Fink）在2025年给股东的年度信中正式承认比特币是一项破坏性创新

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的一份报告显示，贝莱德董事长兼首席执行官拉里·芬克（Larry Fink）在2025年给股东的年度信中承认，比特币（BTC）可能会挑战美元作为全球储备货币的地位。

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.

这封信写为联邦赤字和主权债务水平的上升，比特币既是破坏性的创新，又是地缘政治风险。 Fink的评论是因为BlackRock推出了几种比特币投资产品，并对令牌化的潜力表示了兴趣。

"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.

芬克在该公司2025年3月的信中写道：“如果美国没有得到债务的控制权，如果赤字保持膨胀，美国有可能将这一立场失去数字资产。我们可以将美元视为主要储备货币。”

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.

包括比特币和美元相同频率的美元，重点是Fink的年度信件。几年前，没有人会认为世界上最大的资产经理贝莱德会花费很多时间来谈论比特币，就像给投资者的信中的美元一样。

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.

这封信强调了对Defi的承诺的分歧，它称赞这是“非凡的创新”，同时还警告说，其快速增长可能破坏美国的财务上的首要地位。

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.

如果投资者开始将比特币视为比美元更稳定的长期价值存储，尤其是考虑到持续的联邦赤字和主权债务水平，就会产生风险。这种框架将比特币定位为比特币作为投机资产或价值存储，而且是针对主权不稳定的宏观树篱。

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.

该声明的含义是深远的，与机构投资者有关需要数字资产作为货币贬低或地缘政治波动的保险的最新论点。

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

芬克补充说：“两件事可以同时正确。”

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.

该公司在比特币上的内部定位也很实际。这封信透露，贝莱德（Blackrock）总部位于美国的比特币ETF成为ETF行业历史上最大的产品发射，在第一年内，管理资产超过500亿美元。它还在所有ETF类别的净资产流入中排名第三，仅次于标准普尔500指数基金。

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养驱动的，对贝莱德比特币ETP的需求超过一半来自个人投资者。值得注意的是，这些参与者中有四分之三以前从未拥有iShares产品，这表明比特币是新投资者人群的入职机制。

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

此后，该公司将其ETP产品扩展到加拿大和欧洲，这标志着机构比特币投资工具的跨境增长。

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.

除了比特币之外，Fink的信提出了一个更广泛的论文，即令牌化可以以与从邮寄到电子邮件的转变相当的方式改变资本市场。 Fink认为，与Swift网络进行了比较，即令牌化资产基础设施可以通过立即实现对点对点资产运动来绕过传统的金融中介机构。

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.

贝莱德将令牌化视为资产所有权的基本转变，主要是通过分数化，改进的投票系统以及增加获得高收益投资工具的机会。根据这封信，这些事态发展可以通过降低历史上有限的零售投资者参与某些资产类别的运营和法律障碍来使资本市场民主化。

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.

该公司还强调需要更新的数字身份系统，理由是印度的模型​​是基准。这封信说，由于超过90％的印度人能够安全地验证智能手机交易，因此该国被定位为代币经济体所需的数字基础设施的领导者。

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.

将比特币作为美元的潜在替代是机构感知的重大变化。尽管近年来，对比特币为“数字黄金”的主流认可，但贝莱克的语言表明了一个更深入的经济论点，一种宏观经济政策失败可以加速枢轴到分散的货币体系。

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.

通过在同一战略前景中引用令牌化和比特币，该字母提出了一个框架，其中数字资产可能是法定的系统替代方案。对于政策制定者来说，信息是隐式但指向的：美国必须现代化其财务系统并管理其债务轨迹以维持货币领导。