Fink laid out a scenario where Bitcoin jumps sixfold to hit $700,000 in a discussion about crypto in Davos Wednesday.

Larry Fink, CEO of BlackRock, has suggested that Bitcoin could reach $700,000 per coin, citing its growing role as a hedge against economic instability. His projection, sparked by a discussion with a sovereign wealth fund,

Overseeing some $11.6 trillion, BlackRock is the world’s largest asset manager and houses around $700 billion managed for insurance companies. During the company’s third-quarter earnings call yesterday, Fink pointed to insurance as “one of the primary areas of growth for us.”

The CEO of Bitcoin ETF giant BlackRock said that continued adoption of BTC could push the asset's price to a multiple of the current mark.

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BlackRock CEO Larry Fink says the strength of the US economy may lead the Federal Reserve to hike interest rates later, after easing in the short term. "I see probabilities" of an increase at some point beyond the next 12 months or so,