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

Fink said he is a “big believer in using” Bitcoin as an instrument, explaining that those who are concerned about the devaluation of their currencies or the economic or political stability of their countries may have an “international instrument called Bitcoin.”

This will “overcome local fears,” he added.

He maintained 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 everyone adopts that conversation, it will be $500,000, $600,000, $700,000 per Bitcoin,” Fink stated.

However, he clarified: “I’m not promoting it in a way. That’s not my promotion.”

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

“Bitcoin’s role as a store of value and payment system makes 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 large risk assets in the long term,” BlackRock’s report said.