BlackRock Chairman and CEO Larry Fink said that the price of Bitcoin could jump as high as $700,000 when speaking on artificial intelligence and crypto in a conversation with Bloomberg at the World Economic Forum in Davos.

Fink sat alongside Peng Xiao, CEO of UAE-based artificial intelligence company G42, when the conversation about AI turned to crypt. Xiao indicated that he believes crypto is the currency of AI, while Fink said it’s a hedge against inflation and pessimism about what’s happening in the world.

“As I became a student of crypto, it was very clear to me that crypto is a currency of fear,” said Fink. “But that’s OK. If you’re frightened of the debasement of your currency, or the economic or political stability of your country, you can have an international-based instrument called Bitcoin that can overcome those local fears.”

He shared a similar sentiment last July, suggesting that Bitcoin was an investment for those “frightened of the world.”

But it’s an investment that many are considering making, including the operators of a sovereign wealth fund that Fin

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Author: Logan Hitchcock