Bitcoin is the best distraction from the current economic collapse, says Franklin’s CEO
Jenny Johnson – president and CEO of Franklin Templeton – believes the current economic state is in a very bleak state, while bitcoin is “the best distraction” from this doom. She also praised blockchain technology as a major innovation that will positively impact various industries in the near future.
Franklin Templeton was established in 1947 and is a global investment company with over 1.5 trillion dollars under management. Apart from traditional financial services, the company also offers cryptocurrency options.
Johnson’s views on BTC and Blockchain technology
In a recent interview, Jenny Johnson described the current economic situation as “the best disruption I see happening to money providers right now.” In her view, bitcoin (described by many as a hedge against inflation and even digital gold) can distract consumers from the problems.
However, Johnson does not believe governments will allow BTC to become a dominant currency alternative.
“It’s extra like belief and individuals are going to discuss it,” she asserted.
According to the CEO, blockchain technology is the real “game changer” as she believes it will positively impact almost every industry in a “pretty dramatic” way.
Johnson later assured that Franklin Templeton is still offering cryptocurrency services to its users and has no intention of discontinuing these options.
The disaster itself
The world has suffered in recent 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 damaged the global financial system.
Several central banks (especially the US Federal Reserve) began printing colossal amounts of fiat currency to keep the economy afloat during the crisis. Two years later, however, this process, combined with a number of other factors, led to an increasing rate of inflation in almost all countries around the world.
The situation became even worse in 2022 when Russian troops launched a so-called “special military operation” in Ukraine. The clash between the two nations caused nearly 25% of Ukrainians to leave their war-torn homeland and settle abroad.
The Western world, led by the United States, blamed Russia and its leader Vladimir Putin for the aggression and cut off monetary ties with the world’s largest country by land mass. Dodgy Russian oligarchs and billionaires were also sanctioned under the pretext of being part of Putin’s inner circle.
Russia, in turn, halted its gas supplies to some European states, many of which have no other energy options. One factor that increased electricity prices: and when energy costs go up, almost all other goods go up too. As such, it is safe to conclude that there is a lot to spoil from these days.
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