In its closely watched "Global Outlook for 2026" report released this week, BlackRock - the world's largest asset manager with over $11 trillion under management - delivered a surprising omission: Bitcoin and broader cryptocurrencies received virtually no mention as standalone investment themes. The only nod to digital assets came in praise for stablecoins as a "modest but meaningful" step toward a tokenized financial system, while artificial intelligence emerged as the dominant force shaping global markets.
This marks a notable shift from BlackRock's tone just a year earlier. In late 2024 commentaries, CEO Larry Fink frequently highlighted Bitcoin's growing role as a hedge against geopolitical uncertainty, U.S. fiscal deficits, and ballooning national debt - positioning it alongside gold as a potential store of value in turbulent times.
The firm has backed that view with action: its iShares Bitcoin Trust (IBIT) has ballooned to more than $72 billion in assets under management by early December 2025, making it the most successful ETF launch in history and cementing BlackRock's status as a crypto heavyweight.
Yet in the 2026 forecast, AI takes center stage.
Analysts cite accelerating adoption across industries, fueled by cheaper energy, advancing hardware, and supportive policies in the U.S. and Europe.
Geopolitical fragmentation - particularly U.S.-China tensions over chip exports - only amplifies the race, with AI seen as a critical driver of productivity growth amid aging populations and slowing globalization.
Tokenization of real-world assets (RWA) - turning traditional securities like bonds, real estate, and funds into blockchain-based tokens - earns cautious optimism as an efficiency booster for capital markets.
Fink has repeatedly called RWA the most transformative financial innovation since double-entry bookkeeping, envisioning seamless, 24/7 trading with reduced intermediaries. BlackRock itself piloted tokenized money-market funds on Ethereum in 2024 and expanded offerings in 2025, managing several billion in on-chain assets.
The report's silence on Bitcoin proper reflects a maturing institutional view: while the original cryptocurrency remains a speculative asset with portfolio diversification benefits, its narrative as "digital gold" has taken a backseat to more tangible blockchain applications. Stablecoins, with over $170 billion in circulation globally, are praised for enabling faster cross-border payments and yielding opportunities - areas where BlackRock sees clearer regulatory progress.
This perspective aligns with broader industry trends. Despite RWA market caps exploding from under $2 billion in 2020 to hundreds of billions today, skepticism persists about inflated metrics and limited real-world adoption beyond pilot programs. Even Coinbase Ventures, in its 2026 outlook, urged focus on tokenized derivatives and futures rather than direct asset tokenization, citing liquidity and regulatory hurdles.
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For Bitcoin holders, BlackRock's pivot might sting - especially from a firm that helped legitimize crypto through spot ETFs. But it also underscores a pragmatic evolution: the same blockchain technology powering Bitcoin is increasingly valued for practical finance, not just as a speculative bet. As AI reshapes economies and tokenization streamlines markets, 2026 may belong less to digital gold and more to the infrastructure quietly building beneath it. For investors, the message is clear - blockchain matters, but the killer apps might not be the ones that made the headlines first.
Author: Slava Vasipenok
Founder and CEO of QUASA (quasa.io) — the world's first remote work platform with payments in cryptocurrency.
Innovative entrepreneur with over 20 years of experience in IT, fintech, and blockchain. Specializes in decentralized solutions for freelancing, helping to overcome the barriers of traditional finance, especially in developing regions.
Not financial advice. DYOR.
