Franklin Templeton CEO Jenny Johnson has expressed concern that traditional financial institutions are underestimating the vast scale of Bitcoin. During her remarks at the Wyoming Blockchain Symposium in Jackson Hole on Tuesday, Johnson highlighted the significant transaction volume of Bitcoin, which in 2023 surpassed that of Mastercard and Visa combined.
Bitcoin’s Transaction Volume Outpaces Traditional Payment Giants
Jenny Johnson, who has led Franklin Templeton into the digital asset space since taking over as CEO in 2020, shared her surprise at the lack of awareness among traditional finance professionals regarding Bitcoin’s impact. “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 stated during the symposium.
In 2023, Bitcoin’s blockchain processed an astonishing $36.6 trillion in transactions, reflecting a recovery in the market following a challenging year. In comparison, Mastercard and Visa, the two leading global payment networks, processed $9 trillion and $14.8 trillion, respectively. Johnson emphasized that an entire ecosystem exists within the financial world that largely overlooks the parallel, massive ecosystem of digital assets like Bitcoin.
Traditional Financial Firms and the Future of Digital Assets
Despite the dominance of Bitcoin in transaction volume, major payment networks like Mastercard and Visa are not ignoring blockchain technology. Both companies have taken steps to integrate crypto payments into their systems. Visa, in particular, has conducted multiple trials to explore new product offerings and has formed partnerships with crypto-native firms such as Circle and Solana to strengthen its position in the blockchain space. Mastercard is also advancing its efforts by introducing a blockchain-based debit card.
Under Johnson’s leadership, Franklin Templeton has emerged as a pioneer among traditional financial asset managers in embracing digital assets. In 2021, the firm launched the OnChain U.S. Government Money Market Fund (FOBXX), becoming the first to record transactions and ownership on a public blockchain. This week, Franklin Templeton took another step forward by filing a proposal with the Securities and Exchange Commission to launch a new exchange-traded fund (ETF) under the ticker symbol EZPZ. This ETF aims to provide investors with exposure to a variety of digital assets, with Coinbase serving as the fund’s custodian.
Johnson’s focus on disruptive technology, particularly digital assets and artificial intelligence, underscores her commitment to positioning Franklin Templeton for the future. Her comments at the Wyoming Blockchain Symposium serve as a reminder of the growing influence of Bitcoin and the importance of recognizing its scale within the broader financial ecosystem.
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