BlackRock CEO Larry Fink stated that due to increasing concerns about global financial stability, investors are turning to gold and cryptocurrencies out of fear of asset depreciation.
During a live broadcast by DWS News at the Future Investment Initiative (FII) conference in Saudi Arabia, Fink said, "Holding cryptocurrencies or gold is seen as a 'safe-haven asset.'"
Fink added, "The reason you hold these assets is because you are afraid of your wealth depreciating." He further pointed out that investors are also concerned about the security of their own assets.
When Fink made these remarks, gold prices fell again. According to TradingView data, the spot gold price fell below $40,000 that day, after reaching a historical high of over $43,770 the previous week.
When discussing key issues in the U.S. economy, BlackRock's Fink expressed his greatest concern about the U.S. reliance on selling dollars to international investors.
"We are still a country that needs 30% to 35% of our treasury sales to flow overseas, and for me, that is the biggest issue today," Fink said at a panel at the FII.
"If this changes, due to the reliance on selling dollar assets to foreigners, it will have a multiplier effect," he added, emphasizing the need to unlock private capital.
During the event, Fink also discussed the biggest concerns of global central banks, as they continue to increase their gold holdings, leading a new trend in the global financial sector.
Larry Fink stated, "I think the biggest issue for central banks is what role tokenization and digitization will play," referring to the many challenges central banks around the world face in responding to the emerging tokenization industry.
He highlighted some urgent questions, such as how quickly central banks should digitize their national currencies, what this means for the dollar, and what impacts it will have on payment systems and other areas.
"I think we have spent too much time talking about artificial intelligence. We have not spent enough time discussing how quickly we will tokenize every financial asset," said the BlackRock CEO, adding:
Fink's views on the role of tokenization, as well as assets like cryptocurrencies and gold, align with his long-held belief that all traditional financial assets are likely to be tokenized in the coming decades.
As one of the largest investment firms in the world, BlackRock not only holds a significant position in traditional markets but is also a major institutional holder of Bitcoin (BTC), although its related positions represent client interests rather than proprietary funds.
As of Monday, BlackRock's iShares Bitcoin Trust (IBIT) held a total of 805,806 Bitcoins—approximately 26% more than the largest publicly held Bitcoin institution, Strategy.
Related: As the probability of a Federal Reserve rate cut surpasses 98%, Bitcoin (BTC) prices begin to break through the $112,000 mark.
Original article: “BlackRock CEO: Revealing the Central Bank's Biggest Concerns, Gold Price Falls Below $40,000”
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