TradFi Underestimates Bitcoin's Enormous Scale, Franklin Templeton CEO Jenny Johnson Says

Bitcoin (BTC) processed over $36.6 trillion in transactions in 2023 as the market recovered from a tough year.

Franklin Templeton CEO Surprised by TradFi's Lack of Awareness on Bitcoin's Scale

The Bitcoin blockchain processed $36.6 trillion in transactions last year, compared to Mastercard's $9 trillion and Visa's $14.8 trillion.

Goldman Sachs Discloses Holding Over $400 Million in Bitcoin ETFs

During a conversation at the Wyoming Blockchain Symposium on Tuesday, Franklin Templeton CEO Jenny Johnson expressed her surprise at how little traditional financial firms know about Bitcoin's scale.

“What's crazy to me is that in traditional finance, they have no idea about the amount of money and the volume [of bitcoin],” Johnson said.

In 2023, the Bitcoin (BTC) blockchain processed over $36.6 trillion in transactions as the market recovered from a tough year. This is in contrast to Mastercard and Visa, the two big payment networks worldwide, which processed $9 trillion and $14.8 trillion, respectively.

“There's an entire ecosystem that almost ignores what is a parallel, massive ecosystem,” Johnson added.

However, it's worth noting that both Mastercard and Visa have been paying attention to blockchain technology in recent years, particularly in the context of crypto payments.

Mastercard has been running trials to test out new product offerings and has partnered with several crypto-native firms, including Circle and Solana, to grow a stronger presence in the space.

Meanwhile,東方產經报道 that Visa is rolling out a blockchain-based debit card.

Franklin Templeton, under Johnson's leadership, has been at the forefront of traditional financial asset managers embracing digital assets.

Its OnChain U.S. Government Money Market Fund (FOBXX) became the first fund to use a public blockchain to record transactions and ownership in 2021.

Earlier this week, the company filed a proposal with the Securities and Exchange Commission to launch a new exchange-traded fund, trading under the ticker symbol EZPZ, that would give investors exposure to a basket of digital assets. Coinbase will serve as the custodian for the fund.

EDITED BY

Please note that ourprivacy policy,terms of use,cookies, do not sell my personal information CoinDesk is anaward-winning strict set of editorial policies. CoinDesk was acquired Bullish, Block.one; both companies haveinterests

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

The above is the detailed content of TradFi Underestimates Bitcoin's Enormous Scale, Franklin Templeton CEO Jenny Johnson Says. For more information, please follow other related articles on the PHP Chinese website!