Blackrock CEO Larry Fink said the market could see another 20% fall, but that the current draw is a long -term purchase option as the current situation does not pose a systematic risk.

“I see it more as a purchase opportunity than a sales option, but that doesn’t mean we can’t go down any further,” Fink said during a performance at the New York financial club on Monday.

He noted that the inflation pressure is higher than market participants expect and that many already believe the United States is in a recession. As a result, he does not expect the Federal Reserve to reduce interest rates this year.

Last month, Fink published a letter to shareholders warning about Bitcoin’s (BTC) threat to the US dollar, which could weaken if Americans believe that cryptocurrency is a safer asset than the dollar.

Markets, including Crypto Market, have been in turmoil since US President Donald Trump announced a series of tariffs on goods imported to US BTC, currently trades 5% lower over the past five days and 11% lower in the last month. Shares were hit even worse with the S&P 500 and NASDAQ down 13% and 15%.