Major financial services company Franklin Templeton, managing approximately $1.5 trillion in assets, believes Bitcoin is experiencing a “renaissance” Innovators are embracing new technologies, such as ordinals.
JUST IN: $1.5 trillion asset manager Franklin Templeton says Ordinals drive ‘positive momentum’ in #Bitcoin innovation.
The Institutions will be coming🙌 pic.twitter.com/3lSDwNwE5Q
— Bitcoin Magazine (@BitcoinMagazine) April 4, 2024
Franklin Templeton is one of the first big institutions to adopt Bitcoin in recent years. The firm filed for a BTC ETF in December last year and launched the Franklin Bitcoin ETF(EZBC) on January 1st amid a wave SEC approvals.
In a report released by Franklin Templeton’s Digital Assets division, the division highlighted that Bitcoin NFTs are called Ordinals and new fungible tokens. They also discussed layer 2 protocols.
Franklin Templeton tweeted These new projects are primarily responsible for the positive growth in Bitcoin. Data on trading volume shows that Ethereum NFTs are outnumbered by ordinals such as NodeMonkes or Runestone.
The report states that Bitcoin’s security, decentralization and user base gives it a competitive edge in mainstream adoption.
Bitcoin functionality is being expanded by technical standards, such as BRC-20 or Runes. The Wall Street firm stated that these new developments along with layer two scaling are starting a growth and maturity stage.
Franklin Templeton’s optimistic outlook is part of a wider institutional shift towards Bitcoin. Even major institutions like BlackRock, who openly debate Bitcoin but also embrace it, are warming up to its potential. “tokenizing” assets.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com