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Franklin Templeton CEO’s comments about Bitcoin have resurfaced ahead of the asset manager’s XRP ETF launch. The CEO suggested that Bitcoin might not be the biggest tech in the crypto space, as she outlined other areas that will disrupt the financial system.
Crypto pundit Nick shared Franklin Templeton CEO Jenny Johnson’s comments at the CNBC Delivering Alpha conference, in which she stated that Bitcoin is the greatest distraction from the greatest disruption that is coming to financial services. She further remarked that the core value of blockchain technology lies in payments, smart contracts, and tokenization. These comments have reemerged just as the $1.53 trillion asset manager is set to debut its XRP ETF.
Nick explained that what the Franklin Templeton CEO was really suggesting is that Bitcoin lacks the viable tech to be utilized for what institutions want. He further noted that tokenization leads to institutional DeFi, which brings the entire financial system on-chain. The pundit added that the demand is far too much for inefficient networks that can’t scale. He claimed that this includes networks whose gas fees drastically increase once demand does too.
The pundit is believed to be making a case for the XRP Ledger over other networks, including Ethereum, whose gas fees increase during high demand. Nick advised that market participants should focus on the right and most efficient tech, and that is where they will find the holy grail.
It is worth noting that Franklin Templeton offers a tokenized U.S. government money fund available on the Ethereum, Solana, Base, Arbitrum, Aptos, and Stellar networks, but not on the Ledger. However, it remains to be seen if that will change as XRPL developers work on new features to promote tokenization on the network.
Bloomberg analyst James Seyffart stated that Franklin Templeton’s XRP ETF is likely to launch next week on November 24. He also opined that the Grayscale fund will go live on the same day. Franklin Templeton’s fund had earlier been projected to launch this week, based on its updated S-1 filing, which removed the delaying amendment.
Meanwhile, Bitwise has confirmed that its XRP ETF will launch today on the NYSE under the ticker ‘XRP.’ The asset manager listed some of the things that make the altcoin interesting, including the fact that the XRPL is one of the longest-running blockchains, with a 13-year track record. The asset manager also stated that the token is used to settle payments in 3 to 5 seconds for fractions of a cent. It also noted that a growing list of assets is being tokenized on the ledger.
At the time of writing, the altcoin price is trading at around $2.13, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
