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BlackRock CEO Larry Fink는 비트코인을 공포 대응 자산으로 규정하고 변동성이 크다고 언급. 장기 보유 목적으로 주권펀드가 매수 중이라 주장. 자산 토큰화가 중개 비용을 줄일 것이라 전망. AI 투자는 필요하다고 보며 하이퍼스케일러들이 컴퓨트 부족을 느낀다고 언급. 고용 둔화의 원인으로 기술에 의한 노동 대체 가능성 제시. 이더리움 가격 및 2026년 예측은 자막상 명확한 방향 발언 없음.
다듬은 글
This is a a very glaring public example of a big shift in my opinion. It was not about crypto specifically about Bitcoin. The 13.5 trillion dollars that Black Rockck managed on behalf of our clients, it's basically managing hope. You know, this is one thing that I get excited about. I I have very strong views.
Bitcoin is an asset of fear. Bitcoin fell a little bit. You own Bitcoin because you're frightened of your physical security. You own it because you're frightened of your financial security. The long-term fundamental reason you own it because of debasement of financial assets because of deficits. And so to me, even the movement in the last week and we've had about what a 20 25% draw down.
It's a very volatile asset. You're going to have to be really good at market timing, which most people are. A guaranteed tsunami is coming for Bitcoin and Ethereum, and Black Rockck CEO Larry Frink gives his prediction for crypto in 2026. after the recent drop in prices has investors worried. He describes cryptocurrency as an asset of fear, particularly in Bitcoin because of its volatility, which is why Black Rockck is placing big bets on ETFs in the coming year.
Recently reporting record inflows of over $300 million in just a month's time. As crypto investors continue to speculate as to whether we'll see a price drop in Bitcoin and Ethereum in the coming weeks, this crypto cycle is heating up. forced selling, leveraged bets, and the usual tugof-war we see when an asset approaches such a huge barrier, serving as a hedge against inflation and currency devaluation.
Frink emphasizes that Bitcoin is not tied to any specific currency, making it an international asset that investors need. Think emphasizes their Bitcoin and Ethereum ETFs and believes that Black Rockck's track record speaks for itself, demonstrating the company's dedication to long-term investment strategies.
sees the digitization of Bitcoin and cryptocurrency as a force that can revolutionize finance and democratize investment by tokenizing assets and securities including Bitcoin. He believes that the cost of investing can be significantly reduced, making it more accessible for a broader range of investors.
Let's get right into the latest interview with Larry Frink as he gives his prediction for Bitcoin and cryptocurrency in 2026. If you're buying it as a hedge against all your hope, you know, then it has a a meaningful impact on a portfolio. The bigger the other big problem of Bitcoin is it is still heavily influenced by leveraged players.
It is that's what I wanted to talk to you guys about. Okay, I mean that's Bitcoin, but we we could see because we see where the flows are coming from. We're seeing more and more legitimate long only investors investing in it. There was an article about a a foundation endowment just bought a lot of IBIT.
Um, but I can tell you there are a number of sovereign funds that are standing by. They're adding incrementally at 120 at 100. They brought I know they bought more in the 80s. That's fine. And they're they're establishing a longer position. And you own it over years. This is not a trade. You own it for a purpose.
But the market is skew is is heavily leveraged and that's why you're going to have more volatility. There's there's so much conversation going on about AI and how AI is going to be reshaping the world. There's not enough conversation about how technology is going to be reshaping the financial services area too and and the need for democratization.
As Secretary Vesson talked about the democratization of investing in America. Um there are slews of middlemen in the whole financial services area. Uh we have elongated settlements, elongated processes. If we could digitize every asset. So if we could digitize all stocks and bonds and have it more seamless going from a digital wallet of cash or stable coin into equities or or bonds through in most categories through an ETF.
Um it will be it will reduce the friction costs the transaction costs and it allows a much more free flow. So there's $4.1 trillion of money in digital wallets globally. uh sitting in stable coins mostly and can you now you know and right now if they wanted to go into a bond or stock or have a real estate transaction they have to take the money out of the digital wallet into a traditional wallet uh and have all those commissions and fees and all that stuff.
So the whole idea of tokenization of of all assets including real estate ultimately is going to just reduce huge friction costs make making investing easier simpler you could as the secretary was talking about this one account you can do this all through your app and it's going to allow a more I would say a free flowing process of investing typically our our political giving is split between 50% % one party and 50% one.
How we distribute it that is up to my public policy team but we're very deliberate on it. It is we try to be equal in every category in every case and but we are very deliberate and we we look through the lens that how he described. So this is the biggest issue. We are a successful nation. So much of the foundation of our success has been the role of the capital markets.
And you know if you think about how the US economy was able to restabilize itself faster after the great financial uh recession um is because of the role of capital markets. Now that U the secretary was talking about the role of private credit but it was really the capital markets and we are now starting to see in in in Brazil and in India whole transformation of a digital economy.
Um, and you know, they've digitized their currency. Now, you even have now credit card purchases on the pipe, right, in Brazil itself, the PICSS. And so what I am worried about, we're not moving fast enough. And you know, and so I, you know, I didn't put this in the article because, you know, I didn't want to be that vivid on this, but this is one of my big fundamental issues.
We need to move faster. you know, we need to move faster as a country, even an AI, I mean, you haven't asked a question. When people say, is there a AI bubble? I ask, well, if we don't continue to spend on this, and that means we're going to have some failures and some success stories, but if we don't spend enough faster on AI and digitization, and tokenization, other countries going to beat us.
Well, number of the hyperscaler CEOs and I've had this various conversation they're not certain if they're overspending or underspending right now but that that what they're certain is the and they're seeing it right now most hyperscalers are short compute there's not enough happening the amount of demand for this
right that being said the timing of this buildout may underperform their investment criteria but are certain that the demand will be there. That and this is why I love a capitalistic market. I'm not here to suggest there's not going to be some, you know, headline blowups. I mean, there there are going to be some huge winners and huge failures.
I mean, it gets to this K economy, but I would say um there are going to be just incredible winners. And I've raised this question with politicians. Does that mean we're going to have five 10 trillion dollar companies? What does that mean societal? How are we making sure? This is why I love the new children's account because how do we broaden the economy if these hyperscalers are these massive winners?
Embracing an unyielding enthusiasm for the Bitcoin realm. Think . as Black Rockck and many other crypto giants are doing just that. Think reassure. By the end of 2025, . Uh you said Bitcoin, Ethereum, blockchain, staking, web 3. Uh tens of thousands of dollars had been bet on each of those words. People were betting on whether you would actually say those words and then you effectively were trolling them, I think.
And as I said, if we get back to tokenization, which we're excited about, every asset owner of record of that moment can managing a large, you know, 40 something% of our assets are foreign owned assets. Most, you know, they have a 70 to 80% allocation of their portfolio in dollarbased assets. This is the place where they want to invest in the opportunity.
We we you know, obviously earlier this year, we saw maybe a three or 4% reduction, but they're still heavily overweighted. Um and so I think uh that is one of the great powers that there are very few destinations where capital is seeking long-term opportunities. That being said, we have to ask the question, why is the job market in 2025 so anemic?
Last year the job market averaged 154,000 new jobs every month. This year we're averaging 31,000 jobs. Well, that has not been that's not part of the conversation. The question is, is it the uncertainty around all the policies that are being created? If that's the case, when the there's more certainty, are we going to see a surge in job growth next year?
Well, that's an inflationary outcome. The counterpart is are we seeing this anemic job market because the futures today we're now beginning to see more labor substitution because technology. That's a very deflationary outcome, but that has profound impact on how we navigate. Which one do you think it is?
I think it's both, but I think the trend of technology, you're starting to see that if you look at corporate margin, especially the leaders in every industry, the leaders in every industry are winning more and more share. So, we are seeing this K economy developed in every industry. And what I think is happening is more and more companies are doing more with I at least with the same amount of people or less people.
I mean if you think about the ratio of I think about Black Rockck we're our revenues are up 40% our headcounts up five. Okay. So our margins are up about 300 basis points over the last few years and and so with technology you're able to transact more volume more business. You have more technology doing much more of the fundamental you know the backbones of what we do as a firm.
I mean having 13 and a half trillion dollars we do a lot of trades and we have thousands and thousands of different criterias by that each investor gave it and it it is all done through technology. And so this technological change is happening today but it's going to have a profound impact on our economy.
It's going to have a the biggest impact is what do we do with our university system you know we built a university system in the United States based on white collar jobs that's going to be changing with technology how is that all going to be reshaped if we were able to tokenize every stock we would know instantaneous the asset owner of record so I would be the I would be transacting the the trade on behalf of that owner of record if we tokenized is we ultimately democratize everything related to voting.
Where does all of this leave us? Ethereum has crossed $4,000, weathered short-term volatility, and is now attracting the kind of institutional attention that once catapulted Bitcoin into the mainstream. Analysts are increasingly framing this as Ethereum's 2017 Bitcoin moment, where the groundwork laid over the past decade finally meets global recognition and capital inflows.
Frink recognizes the current challenges associated with Bitcoin, such as the bid, ask, spread, and transaction costs. He hopes that regulators will view ETF filings as an opportunity to address these challenges and create a more affordable and democratized crypto market. Frink also highlights the potential of blockchain technology to streamline transaction processes and reduce the need for intermediaries in the financial ecosystem.
His perspective on Bitcoin and Black Rockck's involvement underscores the firm's belief in the digitization of assets and the transformative potential of cryptocurrencies. While regulatory considerations and challenges exist, Black Rockck remains committed to providing investors with innovative investment opportunities and driving the adoption of digital assets within a regulated framework.
What are your thoughts on Larry Frink's opinion regarding Bitcoin? Let us know in the comments .
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