‘Blockchain; Not Bitcoin,’ Says Franklin CEO Jenny Johnson

Jenny Johnson – CEO of $1.4 trillion money manager Franklin Templeton – recently called Bitcoin a “distraction” from true financial innovation.

By contrast, she said its blockchain technology will have a “pretty dramatic” impact on the financial industry, and others.

  • In an interview with Bloomberg, Johnson doubted that governments will allow Bitcoin to become a dominant global currency. “It’s more like religion, and people are going to debate it,” she said. 
  • Blockchain, however, was another story. She claimed that her industry would be able to drive out costs and become more efficient using smart contract technology. 
  • “It’s also more secure from a cyber standpoint because of the distributed nature of it,” she added.
  • Johnson also commented on the latest U.S. economic pullback, saying that retail investors have slowed their investments. Institutional investors are also being more cautious. 
  • Across the company’s 18 investment teams, there are mixed views about whether the economy will enter recession, or already has. 
  • Franklin also offers cryptocurrency investments, particularly in Bitcoin. Asset management giant Fidelity does the same and said in May that it would introduce Ethereum trading
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Fidelity holds the reverse take on Bitcoin from Johnson, believing it to be unique and special compared to all other cryptocurrencies. 

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