I've only read the bitcoin parts:
Can Bitcoin eat away at the U.S. dollar’s reserve status?The U.S. has benefited from the dollar serving as the world’s reserve currency for decades. But that’s not guaranteed to last forever.The national debt has grown at three times the pace of GDP since Times Square’s debt clock started ticking in 1989. This year, interest payments will surpass $952 billion - exceeding defense spending. By 2030, mandatory government spending and debt service will consume all federal revenue, creating a permanent deficit.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.To be clear, I'm obviously not anti-digital assets (far from it; see the next section). But two things can be true at the same time: Decentralized finance is an extraordinary innovation. It makes markets faster, cheaper, and more transparent. Yet that same innovation could undermine America's economic advantage if investors begin seeing Bitcoin as a safer bet than the dollar.
Later about the ETF:
Approximately a quarter of our ETF net inflows were into products launched in the last five years. Our active ETFs delivered $22 billion in net inflows in 2024, while BlackRock’s U.S.- based Bitcoin exchange-traded product (ETP) was the largest exchange-traded product launch in history, growing to over $50 billion of AUM in less than a year. And it was the third-highest asset gatherer in the entire ETF industry, behind only S&P 500 index funds. We’re innovating at the product and portfolio level and accelerating our distribution capabilities to deliver differentiated investment solutions.ETFs are a proven technology facilitating investment access, from retail investors making their first foray into the stock market, to the world’s largest asset owners. The recent launch of our Bitcoin ETP is only the latest example, offering cryptocurrency exposure alongside the efficiency and price discovery features of an exchange-traded product wrapper. This is also expanding our presence with more investors. More than half of demand for our Bitcoin ETP has been from retail investors, and three-quarters of those investors had never owned an iShares product before. And just this year, we’ve expanded access to Bitcoin through a convenient exchange-traded wrapper with launches in Canada and Europe.