Investing.com — Speaking to Bloomberg at the World Economic Forum in Davos, BlackRock (NYSE:) CEO Larry Fink said he believes could rise to $700,000.

Fink said he is a “big believer in the utilization” of Bitcoin as an instrument, explaining that those worried about the debasement of their currencies or the economic or political stability of their countries can have an “internationally based instrument called Bitcoin.”

It will “overcome those local fears,” he added. 

He continued that when speaking with a sovereign wealth fund earlier in the week, the conversation centered on whether they should have a 2% or 5% allocation to Bitcoin.

“If everybody adopted that conversation, it would be $500,000, $600,000, $700,000 per Bitcoin,” declared Fink. 

However, he clarified: “I am not promoting it by the way. That is not my promotion.”

In December last year it was reported that BlackRock said in a report it recommends investors consider an allocation of as much as 2% of their portfolio in Bitcoin.

“Bitcoin’s role as a store of value and payments system make it a potential diversifier,” said Samara Cohen, Chief Investment Officer (CIO) of ETFs and Index Investments at BlackRock.

Given its unique value drivers, we see no intrinsic reason why bitcoin should be correlated with major risk assets over the long term,” the BlackRock report stated.