BlackRock CEO Larry Fink says US is lagging behind in crypto developments
BlackRock CEO Larry Fink said in his annual letter to investors outlining what he contends are the most urgent and rapidly changing developments in crypto and traditional finance. The 9,000-word document, published March 16, touches on everything from the geopolitical crisis and the war in Ukraine to strategies for long-term growth and digital assets to broader trends in investing and market research.
Last year was one of the most challenging market environments in history – a year in which both equity and bond markets declined for the first time in decades – and the challenges have continued into 2023, Fink stated at the beginning of the document.In the letter, Fink also highlighted the impact of global macroeconomic factors shaping investing. For instance, he pointed out that the U.S. government’s interest payments on its debt surged to a record $213 billion in Q4 2022, a $63 billion increase from the previous year. Additionally, Fink took note of how significant unfunded tax cuts announced in the UK resulted in a plunge in gilts last fall.
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