BlackRock, which manages astronomical amounts of assets, recently released its outlook report for 2026. Interestingly, while they remain quite cautious about the US economy and bond market, their attitude toward crypto assets—as revealed between the lines—is extremely bullish.

First, let’s talk about their concerns. The report predicts that next year, US federal debt will break through the $38 trillion mark. As the government borrows like crazy, market risks are also soaring—fiscal issues are triggering surges in yields, and the central bank is caught between controlling inflation and managing debt interest payments. With this combination of factors, the traditional financial system is starting to look a bit fragile, especially those long-term US treasuries once considered the safest bets. As a result, major institutions are looking for new things to hedge their risks.

Here’s the main point—BlackRock explicitly states in its report that this macro environment will push more institutions to pour money into digital assets like Bitcoin. To put it plainly, they’re leading by example: their own Bitcoin ETF has already attracted over $100 billion in assets, and has even become one of the company’s most important sources of revenue.

With institutional funds continuing to flow in, some analysts are already saying that Bitcoin could reach new highs above $200,000 next year. BlackRock sees this trend as a key turning point for the financial system’s move toward “tokenization.” Their CEO, Larry Fink, has been advocating that tokenization is the underlying logic for the future of financial markets. Judging from the tone of this report, this shift could really be accelerating.