At the New York Times DealBook Summit, BlackRock CEO Larry Fink and Coinbase CEO Brian Armstrong outlined the increasing institutional and governmental support for digital assets, emphasizing this shift’s significance in integrating these technologies into mainstream finance.
Armstrong highlighted the recent progress in stablecoin and market-structure legislation making its way through Congress, indicating a transformative moment for the industry. He remarked, “2025 is actually the year that crypto regulation went from kind of gray market to well-lit establishment.” With important measures like the Genius Act and a bipartisan market-structure bill gaining traction in the Senate, he expressed optimism about a regulatory framework that could foster growth within the sector.
Critiquing the former Biden administration’s federal policies, Armstrong argued that they had attempted to undermine the crypto industry, resulting in a shift of activities abroad and negative impacts on consumers. He mentioned the work of groups like Fairshake, a pro-crypto SuperPAC that raised over $78 million during the 2024 election cycle, aiming to support candidates who advocate for clear regulations in the crypto space.
When the discussion turned to historical critiques of Bitcoin from prominent investors like Warren Buffett and the late Charlie Munger, who disparaged Bitcoin as “rat poison,” Armstrong asserted that there was “no chance” Bitcoin would diminish to worthlessness. He explained that the perspectives of Buffett and Munger stemmed from a past where the dollar’s dominance went unquestioned. According to him, Bitcoin serves a vital role as “digital gold,” especially in uncertain times.
Fink shared his evolving viewpoint on Bitcoin, noting that extensive discussions with clients and global leaders had reshaped his understanding of its utility. He admitted that while he had once labeled Bitcoin as “an index for money laundering,” he now recognizes its significant use case. That said, he remains cautious, categorizing Bitcoin as “an asset of fear” during turbulent times, driven by concerns over financial and physical security and the devaluation of traditional assets due to fiscal deficits.
The conversation also shifted to the topic of stablecoins amid concerns from banks about losing deposits to these tokenized systems. Armstrong countered this apprehension by suggesting that banks might simply be trying to safeguard their profit margins. He anticipated a future where banks would embrace stablecoins, stating, “My guess is that in a year or two, they’ll come back and say they want to pay interest and yield on stablecoins.”
The panel concluded with a reflection on the “Innovator’s Dilemma,” where Armstrong posited that banks willing to adapt and leverage the opportunities presented by cryptocurrency and stablecoins would thrive, while those resistant to change could face obsolescence.
