Nobel Economist Shrugs Off De-Dollarization Fears—BlackRock CEO Isn’t Sleeping as Easy

While one laureate brushes off the dollar’s decline as academic noise, Wall Street’s biggest money manager is sweating the geopolitical fine print.

De-dollarization? Just market chatter, says the Nobelist. But try telling that to the guy managing $10 trillion—BlackRock’s boss sees cracks in the dollar dam.

Funny how ivory tower calm meets real-world panic when reserve currencies wobble. Maybe someone should check if Larry Fink’s hedging with Bitcoin.

Nobel Prize-Winning Economist Not Worried About De-Dollarization

In April 2023, Elon Musk replied to an X post talking about de-dollarization. The post highlighted how the dollar’s share went from 73% in 2001 to 55% in 2020. It further stated how the greenback’s share went from 55% to 47% after Western sanctions on Russia. Musk also gave his thoughts on the matter. He stated, ““

If you weaponize currency enough times, other countries will stop using it

Musk’s X post received a rebuke from Nobel Prize-winning economist Paul Krugman. In a New York Times article, Krugman wrote, ““

Krugman does not buy that de-dollarization will take hold of the global financial order. He believes the US dollar will reign supreme for the foreseeable future. Many other experts from the financial field echo Krugman’s opinion.

Krugman took a shot at Musk, stating, ““

BlackRock CEO Worries About The USD’s Position

While the Nobel Laureate seems unbothered about the de-dollarization agenda, BlackRock CEO Larry Fink is worried about the USD being replaced as the global reserve currency.

In a 2025 letter to shareholders, Fink stated, ““

Fink further highlighted how the US national debt has grown at three times the pace of GDP since 1989. He added that interest payments will surpass $952 billion this year.

The aforementioned points have led Fink to believe that currencies like Bitcoin (BTC) could replace the US dollar as the global reserve currency.