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Larry referenced “token,” “Bitcoin,” and “DeFi” 20, 7, and 1 time respectively in BlackRock’s annual letter. Below are the key quotes and contexts for each term https://blackrock.com/corporate/investor-relations/larry-fink-annual-chairmans-letter 1. Token / Tokenization - Quote "Tokenization changes all that. If SWIFT is the postal service, tokenization is email itself—assets move directly and instantly, sidestepping intermediaries." "What exactly is tokenization? It's turning real-world assets—stocks, bonds, real estate—into digital tokens tradable online." "Every stock, every bond, every fund—every asset—can be tokenized. If they are, it will revolutionize investing." Context - Tokenization is portrayed as a transformative technology in finance. It allows real-world assets to be converted into digital representations on a blockchain, enabling faster, cheaper, and more inclusive access to investments. (con't)
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2. Bitcoin - Quote "If the U.S. doesn’t get its debt under control, if deficits keep ballooning, America risks losing that position to digital assets like Bitcoin." - Context Bitcoin is framed as a potential competitor to the U.S. dollar’s reserve currency status due to America's rising national debt. 3. DeFi - Excerpt "Decentralized finance is an extraordinary innovation. It makes markets faster, cheaper, and more transparent." - Context DeFi is praised for its efficiency and transparency but is also noted as a potential threat to traditional financial systems
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