BlackRock Exec: China’s Next Move? Betting Big on Gold and Crypto

As traditional markets wobble, a BlackRock heavyweight drops a bombshell: China’s warming up to gold and digital assets. Could this be the ultimate hedge against economic turbulence—or just another play in Beijing’s long game?

Gold’s ancient allure meets crypto’s rebellious streak. While Wall Street frets over inflation, China’s eyeing a dual-track strategy that blends the old guard with the new disruptors. Ironic, isn’t it? The same nation that banned crypto trading might now fuel its next bull run.

One hedge fund manager’s ’safe haven’ is another Politburo member’s geopolitical chess move. Either way, the smart money’s watching—when the world’s second-largest economy sneezes, everyone catches FOMO.

In Brief

• China is rethinking its sovereign reserves, reducing its exposure to US Treasury bonds to favor safe-haven assets.
• Gold is once again a strategic pillar amid geopolitical instability, with record purchases by central banks.
• Bitcoin is gradually establishing itself as a safe-haven asset, decoupling from traditional stock markets.
• International tensions accelerate the adoption of alternative assets, paving the way for a profound redefinition of the global financial order.

Beijing abandons “Treasuries” for safe-haven assets

Jay Jacobs, Head of Exchange-Traded Products at BlackRock, stated in an interview on CNBC that “geopolitical fragmentation is a mega-force that is redefining global markets for the decades to come”.

This dynamic, exacerbated by the freezing of $300 billion in Russian assets abroad, has convinced several central banks, including China’s, to reduce their exposure to US Treasury bonds. Over the past three to four years, a strategic diversification movement has been underway, aimed at securing sovereign reserves outside any direct Western influence.

This repositioning concretely results in:

• A significant increase in gold purchases by central banks;
• The gradual reduction of “Treasuries” holdings in official portfolios;
• An increased exploration of alternative assets, starting with bitcoin.

Jay Jacobs clarifies:

These decisions aim to consolidate financial independence in a context of prolonged uncertainty.

The Chinese authorities thus favor tangible or decentralized assets, seen as more resistant to political hazards and asset freeze measures.

Bitcoin: the new strategic asset in the face of global instability

Beyond gold, another asset class is gaining importance: bitcoin. According to Jay Jacobs, Bitcoin is beginning to “decouple from risk assets” and now adopts a dynamic comparable to gold.

This transformation of the asset, long associated with speculation, reflects institutional recognition of its safe-haven value, especially in fractured economic environments.

Other players confirm this evolution. Alex Svanevik, CEO of Nansen, noted on the social network X (formerly Twitter) on April 21, 2025, that bitcoin is becoming “less Nasdaq, more gold”.

He emphasizes its relative immunity to fluctuations in traditional stock markets. QCP Capital also indicates that bitcoin benefits from “geopolitical fragmentation,” capturing investment flows seeking alternatives disconnected from the American system. This reconfiguration paves the way for an unprecedented strategic role for bitcoin in sovereign portfolios.

As international economic fragmentation intensifies, bitcoin’s appeal could establish itself durably. If Beijing and other major players realize this mutation, bitcoin could move from a speculative asset to a pillar of state reserves. Such a development would redraw the global monetary balance and consolidate the entry of cryptos at the heart of institutional finance.

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