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BlackRock CEO Larry Fink warned in an annual letter that mounting US debt could drive investors toward Bitcoin, threatening the dollar\u2019s global dominance.<\/p>\n
The US dollar could lose its status as the world\u2019s reserve currency to Bitcoin or other digital assets if the United States does not get its debt under control, according<\/a> to BlackRock CEO Larry Fink.<\/p>\n Fink wrote in his Annual Chairman\u2019s Letter to Investors that \u201cdecentralized finance is an extraordinary innovation\u201d that makes \u201cmarkets faster, cheaper, and more transparent.\u201d But \u201cthat same innovation could undermine America\u2019s economic advantage if investors begin seeing Bitcoin as a safer bet than the dollar.\u201d<\/p>\n According to Trading Economics, the US debt equaled<\/a> 122.3% of the country\u2019s gross domestic product in 2023. That is a considerably higher percentage than the 105% observed in 2018. Moody\u2019s Ratings retains<\/a> the US\u2019s AAA credit rating but has downgraded its outlook to negative, indicating a possible future rating downgrade.<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n