BlackRock CEO Signs Shift Away From Dollar-Based Reserves

In a recent interview with CNBC, Jay Jacobs, BlackRock’s head of thematic and active ETFs, revealed that central banks, especially China, are gradually moving away from holding assets based on the US dollar.

The trend of asset diversification — including moving into gold and Bitcoin — began three to four years ago, but recent geopolitical tensions have accelerated the process, Jacobs said. The freezing of $300 billion in assets by the Russian Central Bank following the Ukraine conflict has prompted countries to reconsider the safety of traditional reserves.

We identify geopolitical fragmentation as one of the major forces that will shape global markets in the coming decades, Jacobs stressed.

BlackRock also noted the notable growth of uncorrelated assets. Bitcoin, in particular, is being viewed as a safe haven asset, with both gold ETFs and Bitcoin ETFs recording strong inflows.

A prime example is BlackRock’s iShares Bitcoin ETF (IBIT), which was named “Best New ETF” on April 23, with inflows of $643.2 million in a single day — the highest since the fund launched in January 2024.

Analysts have also noted that Bitcoin is gradually delinking from the US stock market, with a trend toward becoming less Nasdaq and more gold — a clear sign of the digital currency’s growing maturity as a global asset.