Source: Cointelegraph Original: "{title}"

BlackRock CEO Larry Fink warned that if the U.S. cannot control its debt levels, the dollar may lose its status as the global reserve currency, potentially being replaced by Bitcoin or other digital assets.

In his "Annual Letter to Investors," Fink wrote, "Decentralized finance is an extraordinary innovation," making "markets faster, cheaper, and more transparent." However, "if investors begin to see Bitcoin as a safer asset than the dollar, the same innovation could undermine the economic advantages of the U.S."

According to Trading Economics data, in 2023, the U.S. debt-to-GDP ratio reached 122.3%, a significant increase from 105% in 2018. Although Moody's maintains the U.S. AAA credit rating, it has adjusted the outlook to negative, indicating a potential downgrade in the future.

Data from the U.S. Congress Joint Economic Committee shows that as of March 5, the total U.S. national debt reached $36.2 trillion—an increase of $1.8 trillion over the past year (approximately $4.9 billion per day), and a cumulative increase of $12.8 trillion over the past five years. The Bipartisan Policy Center warned this month that the U.S. could face a debt default as early as July 2025.

Bitcoin is being viewed as a safe haven to avoid the inflation risks of fiat currency. Some believe that restoring the debt ceiling could trigger a Bitcoin bull market, while others, like Fink, argue that a treasury crisis will accelerate Bitcoin's adoption.

By 2025, cryptocurrencies are expected to significantly enhance their status as an asset class, thanks to the adoption by countries like the U.S. and companies like Strategy. However, some analyses suggest that stablecoins may actually reinforce the dollar's hegemonic position.

Fink: Tokenization Equals Democratization

In his letter, Fink emphasized that "tokenization is democratization," stating that this technological innovation can "enable instant buy-sell transfers, eliminating cumbersome paperwork and waiting periods." He believes that if all assets are tokenized, "it will fundamentally change the investment ecosystem: markets will never close, transactions that take days will settle in seconds, and billions of dollars locked due to delivery delays can be immediately reinvested to stimulate economic growth."

According to RWA.xyz, the market size for tokenized real-world assets has reached $19.6 billion, currently having about 93,000 holders and 174 issuers. The industry predicts that this market size could exceed $4-30 trillion by 2030.

BlackRock's BUIDL fund is currently the largest tradable tokenized real asset fund, with Tether Gold and Franklin Templeton's BENJI fund ranking second and third, respectively.

Related: Coinbase CEO calls for stablecoin regulation changes to achieve "on-chain interest."

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