Bitcoin aside, the best investment in crypto is its “picks and shovels,” according to the CEO of $1.6 trillion asset manager Franklin Templeton.
Jenny Johnson, the third-generation leader of the manager, spoke at the SALT conference in Jackson Hole, Wyoming on Tuesday, doubling down on what in her opinion will be the biggest use cases of blockchain technology and where investors should put their money.
In her view, bitcoin functions as a “fear currency” — a financial refuge for people in countries where governments can block access to funds or where national currencies lose value over time. But despite its appeal in those scenarios, she sees it as a distraction.
Bitcoin, she argues, is the “greatest distraction for one of the greatest disruptions that is coming to financial services.”
That disruption, she said, lies in the underlying infrastructure — not in digital assets themselves, but in the systems…
