BlackRock CEO: Gold and Crypto Rise as Investors Fear Wealth Erosion

According to Fink, people are buying these assets because they are afraid that the value of their money and investments might decline.

Speaking at the Future Investment Initiative in Saudi Arabia, Fink described gold and cryptocurrencies as "assets of fear". He said that investors often choose them when they are unsure about the safety and long-term worth of their holdings.

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Fink also touched on a concern he sees in the US economy. He noted that a large portion, around 30% to 35%, of US Treasury bonds is bought by foreign investors.

If that interest were to shrink, it could lead to wider problems, especially since many financial systems depend on selling assets priced in US dollars.

During the same event, Fink said that central banks around the world are asking questions about the future of digital finance.

He pointed out that while a lot of attention is on artificial intelligence (AI), there is not enough discussion about how fast financial assets are moving toward being fully digital.

He also noted that central banks are trying to figure out the right pace for launching digital versions of their currencies and how these changes could affect the US dollar and global payment networks.

On October 14, Fink shared his view on how tokenized versions of traditional assets will shape financial markets over the coming decades. What did he say? Read the full story.