Bitcoin Will Be Held By Every National Treasury As It Becomes ''Foundational Part'' Of Banking Ecosystem, Franklin Templeton Says

Bitcoin Will Be Held By Every National Treasury As It Becomes ”Foundational Part” Of Banking Ecosystem, Franklin Templeton Says

ByLockridge Okoth

Updated: 18 December 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Bitcoin (BTC) will eventually be held by every national treasury as it increasingly becomes a “foundational part“ of the banking ecosystem, says Franklin Templeton.

“I just see it working its way increasingly into the traditional banking ecosystem as just a foundational part of that system,” said strategist Sandy Kaul in an interview with crypto influencer Natalie Brunell. “The question then becomes: over time, do people start to gravitate more to something that works globally and isn’t tied to any government’s policies?”

"I think it's going to become something that every treasury needs to hold…a bitcoin is a bitcoin in every country."

Franklin Templeton has $1.5 trillion AUM and is one of 13 applicants for a spot #Bitcoin ETF.

I had the chance to talk with the Head of Digital Asset &… pic.twitter.com/b40qD0Piih

— Natalie Brunell ⚡️ (@natbrunell) December 14, 2023

Bitcoin More Efficient Than CBDCs

Kaul, whose firm manages $1.53 trillion in assets, says that BTC will be more efficient than central bank digital currencies (CBDCs) for national treasuries.

She also predicts that every treasury will hold BTC to facilitate business processes, especially cross-border payments.

“I also think that Bitcoin is going to become something that every treasury needs to hold,” she said. “This is because portions of their business will just be facilitated more easily through Bitcoin payments.”

Bitcoin May Become A Base Unit For International Trade

The Franklin Templeton strategist also says that Bitcoin’s efficiency in cross-border payments creates a use case for it to become a base unit for international trade.

“At a minimum, you’re going to see it used for certain types of trade,” she said. “And that means that every country is going to have to hold some reserves.”

Franklin Templeton Meets With SEC to Discuss Spot BTC ETF

Franklin Templeton is one of the contenders for a spot Bitcoin ETF (exchange-traded fund).

The asset manager met with the US Securities and Exchange Commission (SEC) on December 8 to discuss its ETF application.

JUST IN: 🇺🇸 SEC held a meeting with $1.5 trillion Franklin Templeton about its spot #Bitcoin ETF 👀

— Bitcoin Magazine (@BitcoinMagazine) December 12, 2023

Franklin Templeton filed an application for this BTC product in September 2023. The next update is scheduled for March 31, with the final deadline set for May 30.