Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Wednesday, October 15th, and today we are talking about tokenizing all the assets. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown slash breakdown. Well, friends, BlackRock CEO, Larry Fink,

has declared that the tokenization era has begun. Speaking with CNBC on Tuesday, Fink said,

I believe we're just at the beginning of the tokenization of all assets, from real estate to

equities to bonds across the board. He views the opportunity as largely about globalizing

the U.S. market even further. Continuing, there's $4.1 trillion of money globally sitting in digital wallets. A lot of that money is outside the United States. If we could tokenize, say, an ETF, we could have investors who are just beginning to invest in markets through crypto, but now we could get them into the more traditional long-term products. We look at that as the next wave of opportunity for BlackRock over the next tens of years

as we start moving away from traditional financial assets by repotting them in a digital

manner. People could stay in that digital ecosystem. Fink was on the show to discuss BlackRock

hitting a record-breaking $13.5 trillion in assets under management last quarter, up from $11.4 trillion

last year. He touted a broad range of growth drivers, but emphasized the success of BlackRock's

crypto products. Their Bitcoin ETF crossed $100 billion in assets recently, with Fink remarking,

two years ago, it was zero. On Tuesday night's earnings call, Fink had a few more tidbits about their

tokenization strategy.

He reinforced his view that tokenizing ETFs and meeting young investors where they are

is the big opportunity. Fing said that the more people are introduced to traditional assets

sooner, the more prepared people will be related to long-term savings opportunities in retirement.

He commented, we are in deep conversations. We're spending a great deal of time on trying to develop

our own technology related to this. And I do believe we have some exciting announcements in the coming

years on how we could play a larger role on this whole area of the tokenization and digitization

of all assets. Interestingly, real estate was one of Fink's big examples of an asset class

that's right for tokenization. He noted that real estate has

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