Coinbase CEO Armstrong and BlackRock Chairman Fink are not worried about the crypto winter

Two heavyweight figures in the financial markets, Coinbase CEO Brian Armstrong and BlackRock Chairman and CEO Larry Fink, were interviewed by Andrew Ross Sorkin to discuss how tokenization, regulation, and political influence are reshaping the global financial order. They also offered an optimistic outlook on the current crypto winter. The following is a summary of the key points from the interview.

From Critic to Supporter: Larry Fink Now Manages the World’s Largest Bitcoin ETF

Fink, who once described Bitcoin as an “index of money laundering” back in 2017, has now become the manager of the world’s largest Bitcoin ETF. He admitted to a shift in mindset after deeply engaging with Bitcoin supporters and gaining a better understanding of its underlying design, realizing he had previously overlooked its true value. He views Bitcoin as an “asset for an age of fear”—a safe haven when geopolitical tensions, fiscal deficits, or financial system uncertainty rise. He emphasized that volatility in Bitcoin is inevitable and partly influenced by leveraged traders, but long-term allocators, including foundations and sovereign wealth funds, are increasingly participating. He believes the most important aspect is Bitcoin’s long-term role as a store of value.

Armstrong, from an innovator’s perspective, responded that traditional financial institutions’ resistance to crypto essentially stems from a lack of understanding of innovative businesses. While lobbyists in Washington may resist new technologies, banks’ innovation departments are actively collaborating with Coinbase to pilot stablecoins, custody, and trading. He believes the sooner institutions embrace new technologies, the better their chances of survival.

On Charlie Munger’s criticism of Bitcoin as “rat poison,” Fink argued that generational experience shapes viewpoints. Growing up in an era dominated by the US dollar makes it hard for investment legends to imagine a more decentralized, internet-based financial system. Armstrong added that over 52 million Americans have used cryptocurrency and want clear and fair regulation. Government crackdowns in the past have only driven business offshore. He admitted to political spending, such as supporting Super PACs and Fairshake.

Tokenization as a Trend

At the financial system level, Fink is most focused on the trend of “tokenization.” In an article for The Economist, he pointed out that the global financial system is still full of lengthy, costly, and inefficient intermediaries. If all assets—stocks, bonds, real estate—were tokenized and paired with digital wallets and stablecoins, this would enable instant settlement, lower costs, and greater transparency, as well as democratize investment. Fink warned that the US is lagging behind India and Brazil in this regard and expressed concern that without more aggressive investment in AI and digital finance, the US could lose long-term competitiveness.

Armstrong: Banks That Resist Innovation Will Be Eliminated

Armstrong agreed with this assessment. He noted that stablecoin regulation is gradually becoming clearer in the US, including the Genius Act and the Market Structure Bill. He believes 2025 will be seen as a key year when crypto moves from gray-area regulation to transparency. He also expects banks will eventually embrace stablecoins and may even want to issue interest-bearing stablecoins, while those resisting new models will be eliminated.

On corporate governance and regulatory authority, Armstrong discussed Coinbase’s decision to move its place of incorporation from Delaware to Texas. He criticized Delaware courts for becoming increasingly unpredictable and even hostile toward founders and corporate governance, posing a threat to innovative companies. He believes that under federalism, states should use friendly regulatory environments to attract businesses, and that Texas better matches Coinbase’s requirements for efficiency and business-friendliness. Fink added, from an asset management perspective, that tokenization will allow every shareholder to directly exercise voting rights, increase transparency, and redefine the role of institutions in corporate governance.

How technology is changing the labor market and economic trends was also a focus of the conversation. Fink pointed out that the US job market in 2025 is weak, with only about 31,000 new jobs added per month, possibly reflecting policy uncertainty or structural shocks from technological substitution. He believes businesses are creating more output with fewer people, and AI will continue to amplify this trend, potentially resulting in a more pronounced “K-shaped economy” over the long term. He warned that the next major impact of technology will be on the university education system, an issue that currently lacks discussion.

On the economic outlook, Armstrong remains optimistic. He believes the US’s progress on stablecoins and market regulation symbolizes a reclaiming of global leadership, and that crypto technology is reducing financial friction and increasing freedom. Fink, from a capital flow perspective, noted that global funds continue to pour into US dollar assets, indicating the US remains one of the few attractive long-term investment markets, but policy direction will determine whether the labor market can regain momentum.

Will Prediction Markets Be the Next Big Thing?

When asked about prediction markets and information transparency, Armstrong said prediction markets will become an important tool for understanding the world and can aid in policy evaluation and public decision-making. He noted that in some scenarios, insider trading could even improve prediction quality, indicating more exploration is needed in the future.

At the end of the conversation, Fink summed up with a long-term perspective. He emphasized that his job is to help people understand outcomes 30 years from now, not the next minute’s volatility. Armstrong said that no matter how the market fluctuates, his focus will always be on building an open financial system that enables broader participation.

This cross-generational dialogue reveals a historic intersection of finance and technology. With regulation taking shape, stablecoins and asset tokenization taking off, and AI rapidly reshaping the world, the US, businesses, and investors are all facing a critical moment to reposition themselves.

This article, “Coinbase CEO Armstrong and BlackRock Chairman Fink Unworried About the Crypto Winter,” first appeared on Chain News ABMedia.