저자: LarryFink · 외국인
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Fink는 토큰화를 통한 자산 디지털화와 비트코인 ETF(IBIT 1000억 달러 돌파) 성장을 강조하며 암호화폐를 차세대 기회로 제시한다. 시장 방향 예측보다는 장기 투자 유지가 핵심이며, 역사적으로 장기 복리 수익(예: 미국 주식 125년 약 9%)을 근거로 든다. AI 투자 역시 거품이 아니라 대규모 자본이 잘 쓰일 것이라 보며, 미국 재정적자 해결을 위해 연 3% 성장이 필요하다고 주장한다.
다듬은 글
Invest in markets through let's say crypto. So we look at that as the next wave of opportunity for BlackRock as we start focusing moving away from you know traditional financial assets by re re-potting them in a digital manner and then having people stay in that digital ecosystem. Our Bitcoin IBIT is now over a hundred billion.
dollars I know from nothing not that long ago. Two years ago it was zero. Yeah. It's not about if our market's going up or down, is there a bubble in crypto or is there a bubble in technology? It's about being in the market throughout the cycle. But I do believe we are going to have to invest these huge sums of money.
There is certainly a a skyrocketing amount of capital that's being put to work. That gives me confidence that we're going to win. The US is planning a 37 trillion dollar crypto reset and BlackRock CEO Larry Fink shares his prediction for Bitcoin and crypto investors in 2025 and why there's a tsunami of capital about to pour into the crypto market serving as a hedge against inflation and currency devaluation.
Fink emphasizes that Bitcoin is not tied to any specific currency making it an international asset that investors need. Fink emphasizes their Bitcoin and Ethereum ETFs and believes that BlackRock's track record speaks for itself demonstrating the company's dedication to long-term investment strategies.
Fink 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 Fink as he gives his prediction for Bitcoin and cryptocurrency in 2025. What really identified us in the in the third quarter of the breadth of where we grow. It wasn't just one business area. It was from cash uh to our systematic equity or AI-based equity team uh that grew 30 billion over the course of the year 10 billion in the quarter.
Crypto, our digital asset platform, our private markets platform, our investment technology grew as fast as they have in many many quarters now. Um and then you know just across the board ETFs record quarter. So it was not just one product area. It was not just one region. It was the completeness and I think it comes down to the whole portfolio the the entirety of our conversation.
You know when we bought BGI 20 in 2009 no one thought you could marry passive and active. Well not only we did that we we transformed how a portfolio is being engaged and now with passive, active, public, private and then overlay investment technology and now digital we're the firm that more and more people are going to worldwide.
What do you mean by digital? Um you know I do believe we're just at the beginning of the tokenization of all assets from real estate uh to equities, to bonds, across the board. Um there's It's very loud here. But it's good. Capital's at work. Yeah, you like that. I love capital at work. But there's 4.1 trillion dollars of money in city globally in digital wallets.
A lot of that money is outside the United States. If we could tokenize a ETF may you know digitize that ETF we could have investors who are just beginning to you know they could have their cash and we have the largest cash money market fund that's tokenized called Bittle. Yeah Larry you know I wrote uh how to make money in any market.
People don't know how to invest. People feel that their parents are going to be richer than they ever were. Do you feel that you your offerings if people were to embrace them and work at a company that that had this we could kind of change this world where younger people will spend more money on polymarket.
When if they go with what you have they might be able to through savings be better be wealthier than their parents. So a great statistic if you put money to work on January 1st 2000 and a year later you had the financial you had the dot-com crisis six seven years later you had the financial crisis you still would have made 8% compounded over that entire 25 years versus earning 1%.
It is so compelling to be in the market and this is the this is the story. It's not about if our market's going up or down, is there a bubble in crypto or is there a bubble in in technology? It's about being in the market throughout the cycle. Even if you put money in in the United States in the year 1900 and then you had the great recession, you had you know the depression, you had all these things.
You would have earned over 9% over 125 years. So I'm not here to tell anybody when the what if the market's going to go up or down. But over a long horizon and every individual who's thinking about it should be focusing on these opportunities and I'm I'm absolutely thrilled to see more and more young people investing in equities not just poly comment they're investing in equities.
And if they can now translate that to from a just a trading and flipping account into a long-term investment strategy and be an owner of those over this over long horizons over your lifetime you're going to do really well. And another interesting point I think I said this before but over a 30-year cycle if you earned an extra half a percent over 30 years a half a percent your retirement pool of money is up 15% more.
Just a half a percent. So the virtue of compounding over 30 years there's nothing more important and and Jim you write about this all the time. This is what it takes. It's about being in the market, being focused on this over a long horizon and and the young people who are worried they're not going to have much to worry about.
America still is the best place in the world to invest and I would be continuing to invest here today. Well you were known as a huge proponent of crypto as we know. Yeah but I but I grow and learn. I heard you say that on 60 minutes. I don't know if you've ever seen anything like it in your career and just the the enormity of this capital and I'm curious as to how you view it and whether you think that those who use the word bubble are correct in in in that usage.
Well there's a bubble in investing but are we inferring a bubble means a bad thing? Fink . Fink reassures it's the fastest pace of adopt of any investable asset in all of human history. . I did want to just get your take on the broader AI picture. I mean the amount of money that is being committed by Open AI for example is what have we been talking about.
If you put it in a framework of geopolitical positioning we as a country need these investments if we're going to be the leader in AI technology. So as a as an American I'm pretty happy that we're investing this much money. I want us to be first. So let's start there. Does that mean is there going to be some failures within the confines of these investments?
Absolutely. But I do believe we are going to have to invest these huge sums of money. If you think about it investing in AI does not just mean investing in GPUs and chips. It means investing in HVAC and and investing in in power grids and power supplies. Uh it means employing a lot of people too to build this out.
So we are talking a trillion and a half dollars we estimate just on data centers and power and all that. But if you see the rapid need in advance I can say at BlackRock the amount of information that we are trying to generate ourselves and the speed in which we want to generate we're spending more and more on it and we're getting good results on it.
I believe every major company is going to have to be spending more and more on this. I think some of the investments that we've seen so far is not on AI it's more on cloud and the power of the cloud. So I do believe this is I don't believe this is a bubble but I believe this is capital that in most cases is going to be well spent.
That being said will there be one or two failures in that? Absolutely and that's the that is capital. We're going to have some big winners and we're going to have some big losers and obviously we have to Yeah. But if you have a diversified portfolio you're going to be fine in all that. Yeah. But and if you're a stock picker you better be picking the right ones.
I'm pretty constructive on our big hyperscalers so and I do believe the metas, the alphabets, the the Microsofts are in really good position to be winners and you're seeing them transformation out of Oracle what they're doing and how how how is trying to transform it, Broadcom, what Hock Tan is trying to do.
I actually am proud of the US footprint in this, and I do believe we're we're going to need to spend this money to win. Larry, when you've been on I think when you've been on uh the last couple times you've talked about public-private partnership, the need to be able to have something bigger to be able to tackle the the deficit, which continues to grow.
Are you seeing that? And is this administration helping that? Uh well well this administration is very open to all businesses to talk to them to try to find ways that we could build our economy. So I you know, there are many conversations going on with this administration. Uh that being said, I mean you you you're right Lee in in noting that the biggest risk we have as a for the US economy is our deficits.
And if we do not grow our economy by 3% a year over the next 10 years, our deficits are going to overwhelm this economy, and we all know it. If we can grow our economy by unlocking private markets, if we can unlock private capital, and we can grow our economy by 3%, I'm not worried about the deficits.
That's a big That's a big leap for our economy our scale to grow a 10% a 3% a year for over 10 years. That's a big issue, and so, you know, we need to be focusing on how do we unlock this capital? We need to focus on how to build this out. This is why I love this AI build out, why I believe we need to be building out our grids, building all this out.
This is the type of stuff that could power a 3% economy. If you look at the second quarter results, three 3.8% GDP in the second quarter. 50% of that was was CapEx on technology. You know what? But when But if you compare that to Europe or other places in the world, we're the only country that has this type of CapEx.
And I when I go around the world and talking about other economies, when I don't see that CapEx happening in their country, I worry about that future. ith its . Fink 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.
Fink 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 BlackRock's involvement underscores the firm's belief in the digitization of assets, and the transformative potential of cryptocurrencies.
While regulatory considerations and challenges exist, BlackRock 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 Fink's opinion regarding Bitcoin? Let us know in the comments below.
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