I highly recommend reading Fink's full letter: https://www.blackrock.com/corporate/investor-relations/larry-fink-chairmans-letter The word "failed" is not present. In fact, the letter outlines BlackRock's strategy moving forward which includes a digital US dollar. It's dismaying that any news outlet is portraying this as Fink and BlackRock giving up. It's a fake narrative designed to placate the public into a false sense of security.