Emre Yumlu 
As the global use of the US dollar continues to decline, central banks are rethinking how they manage their reserves. BlackRock, the world’s largest asset manager, is playing a central role in this transformation, highlighting a growing shift toward alternative assets like gold and Bitcoin.
The ongoing trend of de-dollarization, particularly among major economies such as China, India, and Russia, has accelerated the move toward tangible and decentralized stores of value. While central banks have long favored gold, they are now also beginning to consider Bitcoin as a modern strategic reserve asset.
Record Inflows into Bitcoin ETFs
One of the most striking signs of this change is the unprecedented surge in demand for Bitcoin ETFs. BlackRock’s own iShares Bitcoin Trust (IBIT) has accumulated $76 billion in assets under management in just 350 days—outpacing the growth trajectory of many of the firm’s traditional fund offerings.
Fueled by this institutional interest, Bitcoin prices soared to an intraday high of $123,091.61 in mid-2025. BlackRock CEO Larry Fink has openly supported Bitcoin’s inclusion in diversified portfolios, comparing its role to that of gold during the post-Bretton Woods realignment of global currencies.
Surge in Central Bank Gold Holdings
At the same time, central banks are bolstering their gold reserves. In 2024 alone, global central banks added 400 metric tons of gold—a reflection of growing geopolitical and economic uncertainty and the search for more secure asset classes.
BlackRock is helping to drive this transition not only through its ETF offerings but also through cutting-edge tokenization technology. By digitizing real-world assets on public blockchains, the firm is enhancing liquidity and accessibility for institutional and sovereign investors alike.
A notable example is BlackRock’s BUIDL fund, which has reached $2.6 billion in assets under management. This fund focuses on blockchain innovation and plays a key role in integrating decentralized infrastructure into the traditional financial ecosystem.
A New Financial Architecture: Smart Contracts and Tokenized Assets
BlackRock’s vision for the future goes beyond gold and Bitcoin. The firm is investing heavily in building a programmable financial environment where smart contracts govern the creation and management of tokenized assets. This architecture is designed to reduce fragmentation, lower transaction costs, and increase investor protection.
Despite the promise, challenges persist. Regulatory uncertainties around crypto assets continue to create caution among some central banks. Meanwhile, the rise of central bank digital currencies (CBDCs) could significantly alter how reserves are structured and managed in the years ahead.
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