Bitcoin may challenge US Dollar's dominance, says BlackRock CEO

The flagship cryptocurrency, Bitcoin (BTC), has the potential to challenge the US dollar’s status as the global reserve currency, said Larry Fink, Chairman and CEO of BlackRock, the world’s largest asset management firm, in his 2025 annual letter to shareholders.  Bitcoin, Fink said, represents both a disruptive innovation and a geopolitical risk, particularly if the US government fails to address its rising debt and fiscal deficits, according to reports. 

 

Fink further said that the US has benefited from the dollar’s reserve currency status for decades, but this advantage is not guaranteed to persist. He pointed out that national debt has been growing at three times the pace of GDP since 1989. “If the US fails to rein in its fiscal challenges,” Fink cautioned, "Bitcoin could ultimately replace the dollar as the world’s reserve currency."

 

Earlier, in March 2025, US President Donald Trump signed executive orders to establish the Crypto Strategic Reserve, with the goal of boosting the industry. The reserve, Trump said, will include Bitcoin (BTC), Ripple (XRP), Solana (SOL), Cardano (ADA), and Ethereum (ETH).

 

Meanwhile, at around 09:37 AM on Monday, April 1, 2025, Bitcoin, the world’s largest cryptocurrency by market capitalisation, was quoted trading nearly 1.6 per cent higher at around $82,971.20. The flagship cryptocurrency has traded between $83,870.12 and $81,314.21. The 24-hour trading volume for Bitcoin stands at $27.40 billion, according to data from Binance.

 

Bitcoin was gaining momentum near $83,000 as institutional interest strengthened, said Edul Patel, Co-founder and CEO of Mudrex. Strategy’s $1.9 billion Bitcoin purchase—its second-largest in 2025—signals renewed confidence in the asset.

 

"On-chain data from Santiment shows over 30,000 Bitcoin withdrawn from exchanges in a week, indicating accumulation by long-term holders, which could limit selling pressure and support a trend reversal," said Patel. According to him, Bitcoin's immediate resistance stands at $84,300, with support at $80,900.

 

Among other popular cryptocurrencies, Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, traded higher by 0.52 per cent, while Ripple (XRP) was trading lower by nearly 4 per cent. Binance Coin (BNB) was down by 0.14 per cent, and Solana (SOL) traded lower by 0.89 per cent.