BlackRock CEO Larry Fink said in his annual letter to investors outlining what he contends are the most urgent and rapidly changing developments in crypto and traditional finance.

The 9,000-word document, published March 16, touches on everything from the geopolitical crisis and the war in Ukraine to strategies for long-term growth and digital assets to broader trends in investing and market research.

Last year was one of the most challenging market environments in history – a year in which both equity and bond markets declined for the first time in decades – and the challenges have continued into 2023, Fink stated at the beginning of the document.

“We see opinions diverging across regions – including the U.S. and Europe – and even within regions – especially in the U.S.,” he said with respect to the regulatory sector, adding that BlackRock offers over 1,300 ETFS, more than any other firm.