Franklin Templeton CEO Talks Up Bitcoin ETF, Projects Bigger Wave Ahead

• Jenny Johnson, Franklin Templeton CEO, believes this is only the first wave of early adopters
• She predicts a second, more powerful wave is coming with “much bigger institutions”
• Franklin Templeton has pulled in $420 million in assets under management for its BTC ETF

Franklin Templeton CEO on Bitcoin ETFs

Franklin Templeton CEO Jenny Johnson talked up the novel spot Bitcoin exchange-traded funds and said that today’s developments are only the first wave of adoption. 

In an interview with CNBC, Johnson praised the progress of the firm’s very own Bitcoin ETF, EZBC, which has attracted roughly $420 million since its inception in January. The investment vehicle is part of the broader spot BTC ETF landscape, standing on just under $60 billion in assets under management (AUM).

Johnson went on to say that while markets are now in the “first wave of early adopters,” a bigger second wave is on the horizon, made up of “much bigger institutions.”

More Time Needed Before Second, Bigger Wave

Against that backdrop, she cautioned, institutions should first get “more comfortable” with the spot Bitcoin ETF products before taking the leap and joining the novel line of business.

In the grand scheme of things, the Franklin Templeton Bitcoin ETF is a fairly small player. The upper echelon of the industry is dominated by BlackRock and Fidelity — two of the world’s biggest asset managers.

Bitcoin Prices Pick Up the Pace

Bitcoin recently enjoyed increased attention recently, with investors fueling its prices above the $70,000 threshold. Early Thursday morning, prices of the original cryptocurrency peaked at a two-week high of $71,500 a piece.