Fink Says Crypto, Gold Are 'Assets of Fear'

BlackRock CEO Larry Fink told the Future Investment Initiative in Riyadh that crypto and gold have become “assets of fear” as investors worry about currency debasement, financial insecurity and surging government debt; the IMF projects U.S. general government gross debt could reach about 143.4% of GDP by 2030 with deficits above 7% annually. Fink, who says he has moved from skeptic to a “major believer,” warned many countries are ill-prepared for rapid tokenization and said central banks are increasingly focused on gold and the implications of digitization. Market data highlight BlackRock’s outsized role in crypto flows: its iShares Bitcoin Trust drew roughly $28.1 billion in 2025, and analysts say spot Bitcoin ETFs experienced net outflows when BlackRock was absent, prompting the “no BlackRock, no party” refrain about the upcoming altcoin ETF wave. Some forecasters remain optimistic that specific altcoin ETFs could still attract billions — JPMorgan and others estimate $3–6 billion for a Solana ETF and $4–8 billion for an XRP ETF — suggesting competitors could capture meaningful flows even if BlackRock sits out. Together, the macro debt backdrop, Fink’s endorsement, and ETF dynamics may boost trading volumes and accelerate debates over tokenization and digital-asset policy.