DealBook Summit Larry Fink and Brian Armstrong Are Not Worried About Another Crypto Winter
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Dec 4, 2025 
Brian Armstrong, CEO of Coinbase, and Larry Fink, Chairman of BlackRock, share their perspectives on the evolving landscape of cryptocurrency. Fink reveals his journey from Bitcoin skeptic to advocate, driven by client interactions. They discuss tokenization's potential to democratize finance and the competing global landscape, warning that the U.S. must catch up. Armstrong argues Bitcoin is a hedge against uncertainty, while both stress the importance of clear regulations to foster innovation. Their dynamic hints at a collaborative future between traditional finance and crypto.
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2025 As Regulatory Turning Point
- Brian Armstrong predicts 2025 marks crypto regulation's shift from gray market to well-lit establishment.
- He believes clear U.S. rules will draw activity onshore and reduce offshore leverage and risky trading.
Fink's Evolution On Bitcoin
- Larry Fink described how he changed his mind on Bitcoin after conversations during COVID and deliberate investigation.
- He tested his strong views by talking to advocates and evolving his position around 2021–22.
Bitcoin: Fear, Hedge, And Leverage
- Larry Fink framed Bitcoin primarily as an asset of fear and a hedge against debasement.
- He noted heavy leverage in the market drives volatility despite growing long-only institutional demand.