At the Future Investment Initiative forum in Riyadh, BlackRock CEO Larry Fink said that investors are increasingly choosing Bitcoin and gold as “fear assets” amid concerns over mounting global debt and economic instability.
“Owning crypto or gold means owning assets of fear,” Fink explained. “You hold these assets because you’re worried about the devaluation of your wealth — about your financial and even physical security.”
According to Bloomberg, Fink’s remarks come as the so-called “debasement trade” gains momentum — a trend where investors are offloading government debt and fiat currencies such as the U.S. dollar, yen, and euro, in favor of precious metals and digital assets like Bitcoin.
Debt Dependence and Market Risks
Despite his warnings, Fink noted that the United States remains the leading destination for global capital over the next 12–18 months. However, he raised a serious concern — America’s dependency on foreign demand for U.S. Treasury bonds.
“We still rely on foreign buyers for about 30–35% of all Treasury sales,” Fink said. “In my view, that’s the biggest risk today.”
He cautioned that a decline in international demand for U.S. debt could have severe consequences for the economy.
Wall Street Leaders Share Their Concerns
Fink’s comments were echoed by other finance executives attending the same panel.
David Solomon (Goldman Sachs) and Jamie Dimon (JPMorgan) discussed widening fiscal deficits, while Bill Ackman (Pershing Square Holdings) emphasized that “growth of assets” is key, adding that he’s “not worried about solvency.”
Fink also suggested that unlocking private capital could help boost U.S. economic growth to around 3% annually.
From Bitcoin Skeptic to Advocate
Interestingly, the BlackRock chief admitted that his stance on crypto has changed dramatically since 2017, when he dismissed Bitcoin as an “index of money laundering.” Today, Fink places Bitcoin and gold side by side — viewing them both as alternative stores of value amid growing financial uncertainty.
Earlier this year, BlackRock attracted over $3 billion in digital asset inflows during Q1 2025, underscoring the rising institutional appetite for cryptocurrencies.
