Despite a rally in the US Dollar Index and cooler-than-expected Consumer Price Index data, inflationary fears persist.

BlackRock CEO Larry Fink appeared for an interview at the World Economic Forum’s conference in Davos to discuss the future of digital currency and said that Bitcoin 

 could climb to $700,000 per coin amid currency debasement fears.

The CEO said collective small allocations from asset managers between 2%–5% could drive such a price increase. Fink told Bloomberg:

“If you’re frightened about the debasement of your currency or you’re frightened of the economic or political stability of your country, you can have an internationally based instrument called Bitcoin that will overcome those local fears.”

“And so, I’m a big believer in the utilization of that as an instrument,” Fink continued. The BlackRock CEO also qualified his statements by adding that he was not promoting Bitcoin.

Fink also said he was concerned about the possibility of elevated inflation over the next 12 months and warned there was a danger in assuming that peak inflationary levels have already been reached.