Fink mentioned that decentralized finance and asset tokenization could reshape global finance but also threaten America’s economic dominance. Meanwhile, major corporations are doubling down on Bitcoin. Japanese firm Metaplanet issued $13.3 million in zero-interest bonds to fund further Bitcoin purchases. US-based Strategy also bought an additional 22,048 BTC for $1.92 billion, bringing its total holdings to over 528,000 BTC.
US Dollar May Lose Global Status to Bitcoin
BlackRock CEO Larry Fink raised concerns that the United States could lose the US dollar’s global reserve currency status to Bitcoin or other digital assets if it fails to rein in its mounting national debt. In his Annual Chairman’s Letter to Investors, Fink talked about the potential of decentralized finance (DeFi) as an extraordinary innovation that enhances market efficiency by making transactions faster, cheaper, and more transparent. However, he also warned that the same innovation could erode America's economic advantage if global investors begin to perceive Bitcoin as a safer and more reliable store of value than the US dollar.
Fink’s warning came against the backdrop of a growing national debt crisis. According to Trading Economics, US debt amounted to 122.3% of GDP in 2023. This was a sharp increase from 105% in 2018.
(Source: Larry Fink’s Letter to Investors)
Moody’s maintained the country’s AAA credit rating but changed its outlook to negative due to concerns over the fiscal trajectory. The Joint Economic Committee reported that as of early March 2025, the national debt stood at $36.2 trillion, growing at a pace of roughly $4.9 billion per day. The Bipartisan Policy Center also sounded the alarm, and projected that the US could default on its obligations as early as July 2025 if no action is taken.
(Source: US Joint Economic Committee)
Thanks to these financial concerns, Bitcoin emerged as a safe haven asset for those looking to hedge against fiat currency risks like inflation and government debt. Some analysts suggest that the end of the US debt ceiling suspension could trigger a price surge for BTC. Others believe that fears surrounding America’s debt could accelerate mainstream Bitcoin adoption.
In the same letter, Fink also mentioned his strong support for tokenization, and described it as a transformative force that could democratize finance. He argued that tokenizing assets will eliminate inefficiencies in current financial markets by enabling instant settlement and eliminating the need for excessive paperwork and waiting periods. This innovation could unlock billions of dollars that are currently trapped in settlement delays and reinvest them back into the economy. Fink explained that tokenization will improve access, streamline shareholder voting, and optimize yield generation.
Currently, the tokenized real-world asset (RWA) market is valued at $19.6 billion, according to RWA.xyz. It includes around 93,000 asset holders and 174 issuers, with projections estimating that the market could balloon to between $4 trillion and $30 trillion by 2030.
Metaplanet Wants to Buy More Bitcoin
Many companies are already turning towards Bitcoin for economic growth and stability. Japanese firm Metaplanet recently strengthened its Bitcoin-focused strategy by issuing 2 billion Japanese yen, which is equivalent to $13.3 million, in zero-interest bonds to fund more Bitcoin purchases.
According to a March 31 filing, the bonds were allocated through Metaplanet’s Evo Fund, with investors set to redeem the securities at their full face value by Sept. 30. The company’s CEO, Simon Gerovich, revealed in an X post that Metaplanet is capitalizing on Bitcoin’s recent price dip, with the cryptocurrency trading almost 20+% down from its all-time high of over $109,000.
Metaplanet is currently recognized as Asia’s largest corporate Bitcoin holder and the tenth-largest in the world. The company holds approximately 3,200 BTC that is valued at around $1.23 billion. It is also often referred to as “Asia’s MicroStrategy,” because the firm modeled its corporate strategy after US-based Strategy (formerly MicroStrategy), which is the world’s leading corporate Bitcoin holder.
Metaplanet has been aggressively expanding its Bitcoin holdings over the past few months. Earlier in March, the firm bought 150 Bitcoin as part of its ambitious goal to accumulate 21,000 BTC by 2026. That purchase followed a $44 million Bitcoin acquisition earlier in the month, which triggered a 19% surge in Metaplanet’s stock price in less than a day. Additionally, the company shared plans to explore a potential US stock listing to make its shares more accessible to global investors. It made this announcement alongside another purchase of 156 BTC.
Metaplanet is also making strategic moves to increase its influence in the global Bitcoin economy. In early March, the company appointed Eric Trump, son of US President Donald Trump, to its newly established strategic board of advisers. The company stated that Trump’s expertise in real estate, finance, and brand development, as well as his advocacy for digital assets, will help advance Metaplanet’s mission to become a global leader in the Bitcoin space.
Strategy Buys Almost $2 Billion in Bitcoin
Strategy also recently expanded its massive Bitcoin holdings by purchasing 22,048 BTC for $1.92 billion, taking advantage of a recent dip in the cryptocurrency’s price. The acquisition was made at an average price of $86,969 per Bitcoin and was announced by the company’s co-founder, Michael Saylor, in a post on X on March 31. This latest purchase brings Strategy’s total Bitcoin holdings to over 528,000 BTC, which was acquired for approximately $35.63 billion at an average price of $67,458 per coin.
The company is still the world’s largest corporate Bitcoin holder after crossing the 500,000 BTC milestone on March 24. Strategy’s unrealized profit on its Bitcoin holdings now exceeds $7.7 billion, which is a gain of over 21%, according to data from Saylortracker.
The company’s aggressive Bitcoin accumulation strategy is still taking place despite growing market concerns linked to an upcoming tariff announcement by US President Donald Trump, which is scheduled for April 2. The announcement is expected to outline reciprocal tariffs on top US trading partners, which could potentially impact inflation and investor sentiment toward risk assets like Bitcoin.
Market analysts, however, see the recent price decline as a healthy correction rather than the end of the ongoing bull run. Andrei Grachev, managing partner of DWF Labs, pointed out that while markets tend to react strongly to tariff news and macroeconomic headlines, Bitcoin’s long-term fundamentals are still very much unchanged.
In addition to market concerns, Strategy could soon face serious tax implications tied to its Bitcoin gains. Although the company has never sold any of its Bitcoin, it may owe taxes on its unrealized profits under the Inflation Reduction Act of 2022. The legislation introduced a corporate alternative minimum tax, applying a 15% rate based on adjusted earnings, which could affect Strategy’s tax liabilities. However, there is speculation that the US Internal Revenue Service may consider an exemption for Bitcoin under a Trump-led administration.
