The investment bank said volumes will reach an estimated $240 billion in 2026 and grow at a 80% compound annual rate between 2025 and 2030.

The remarks show how a technology welcomed by corporations as a productivity boon can also pose serious threats, like uncovering new ways to hack into systems.

"It probably won't surprise anyone that we are again putting capital preservation at the top of our priorities," Einhorn said in his latest investor letter.

A prolonged blockage of the Strait of Hormuz for the next six to 12 months will mean an unavoidable recession, the billionaire investor said.

Bessent has previously said the Fed should hasten cutting interest rates, calling reductions "the only ingredient missing" for stronger economic growth.