BlackRock CEO: Crypto business is expected to bring in $500 million in annual revenue for the company over the next five years.

PANews reported on March 25th that, according to Forbes, BlackRock CEO Larry Fink predicted in his annual shareholder letter that the cryptocurrency business is expected to generate $500 million in annual revenue for BlackRock over the next five years. Currently, BlackRock earns approximately $250 million annually in fees through its spot Bitcoin ETF and manages nearly $150 billion in digital asset-related assets, including $65 billion in stablecoin reserves and nearly $80 billion in digital asset ETPs. Its tokenized fund, BUIDL, has become the world's largest tokenized fund, with assets under management exceeding $2 billion last year.

Fink reiterated that tokenization will "update the underlying architecture of the financial system," making investing as easy as sending payments, and likened the adoption of blockchain tokenization to the rapid development of the internet in the 1990s. He warned that if the United States falls behind in the trends of tokenization and artificial intelligence, it will be overtaken by other countries, and reiterated that Bitcoin is a "fear asset" stemming from concerns about financial and physical security and the need to hedge against asset devaluation caused by fiscal deficits.