Bitcoin is the Best Distraction From the Current Financial Collapse, Says Franklin’s CEO
Jenny Johnson – President and Chief Executive Officer of Franklin Templeton – thinks the ongoing economic condition is in a very grim state, while bitcoin is “the best distraction” from that downfall. She also praised blockchain technology as a great innovation that will positively impact different industries in the near future.
Established in 1947, Franklin Templeton is a global investment firm with over $1.5 trillion of assets under management. Apart from traditional financial services, the company provides cryptocurrency options, too.
Johnson’s View on BTC and Blockchain Technology
In a recent interview, Jenny Johnson described the ongoing economic situation as “the best disruption I see occurring to monetary providers at present.” In her view, bitcoin (described by many as a hedge against inflation and even digital gold) could distract consumers from the issues.
However, Johnson does not think governments will allow BTC become a dominant foreign exchange option.
“It’s extra like faith, and individuals are going to debate it,” she argued.
According to the CEO, though, the real “sport changer” is blockchain technology as she believes it will positively affect almost every industry in a “fairly dramatic” way.
Subsequently, Johnson assured that Franklin Templeton still provides cryptocurrency services to its users and has no intentions to cease those options.
The Disaster Itself
The world has been suffering for the past few years, starting with the spread of the COVID-19 pandemic that created a health disaster. Apart from the millions of people who lost their lives and the disruption of social life, the disease also harmed the global financial system.
Multiple central banks (most notably the US Federal Reserve) started printing colossal sums of fiat currency to keep the economy floating during the crisis. However, two years later, this process, combined with numerous other factors, led to a spiking inflation rate in almost every country across the globe.
The situation even worsened in 2022 when Russian troops launched a so-called “special military operation” in Ukraine. The clash between the two nations caused nearly 25% of the Ukrainians to leave their war-torn homeland and settle abroad.
The Western world, led by the USA, blamed Russia and its leader Vladimir Putin for the aggression and ceased monetary connection with the world’s largest country by landmass. Dubious Russian oligarchs and billionaires were also sanctioned under the pretext of being part of Putin’s inner cycle.
For its part, Russia halted its gas deliveries to some European states, many of which have no other energy alternatives. A factor that increased electricity prices: and once energy costs rise, almost any other goods go up, too. As such, it’s safe to conclude that there’s a lot to be destructed from these days.
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