BlackRock CEO says investors buy crypto out of fear of asset devaluation

BlackRock CEO Larry Fink said that investors are currently seeking out cryptocurrency and gold out of fear that the value of their existing assets will decline. Speaking at the Future Investment Initiative (FII) conference in Saudi Arabia, he characterized both cryptocurrency and gold as assets that investors turn to out of fear. Fink added that while central banks are looking to increase their gold reserves, their biggest question will be the future role of tokenization and digitalization. He noted that while significant time is being devoted to AI, there is not enough discussion about how quickly financial assets will be tokenized. According to Fink, most countries are unprepared for asset tokenization and are underestimating the related technology.