Bitcoin is an alternative to financial condition, says CEO of Franklin

Many people react differently to the current state of Bitcoin and the global economy. For the past two consecutive quarters, the US has reported negative GDP, which has led to an interest rate hike by the Feds. Although some individuals claim that there is no inflation yet, the impact is gradually manifesting.

The President and CEO of Franklin Templeton, Jenny Johnson, has provided a view of the current global economic state. Johnson stated that while the state of the economy is in a sad state, Bitcoin remains the best distraction.

CEO Johnson shared her opinions during a recent interview. She mentioned that the current economic situation acts as a distraction.

In her terms, it is the best thing to happen to financial providers at the moment. Although many see Bitcoin as digital gold and an asset that can create a hedge against inflation, Johnson has a different attitude. To her, BTC is just a consumer distraction from all the prevailing economic problems.

The CEO also has no faith that governments can make Bitcoin a dominant resource for currency. She said it was beyond ordinary confidence that it would happen as many arguments would break out.

When it comes to blockchain technology, the CEO has an impressive option regarding it. She called it the sports change, and stated that it will make a positive difference possibly to all industries.

Johnson claimed that Franklin Templeton still offers cryptocurrency services to its clients. The company also does not plan to stop such service options now. Franklin Templeton is an American multinational holding company. It has several subsidiaries. It operates as a global investment company and was founded in 1947 in New York City.

Globally destructive plot, but Bitcoin gained momentum

Over the past few years, the entire global system has had a devastating impact from the spread of COVID-19. This remained one of the great world pandemics claiming millions of people from different countries.

With the invasion and the effect of the pandemic came a distortion in various aspects of life, especially social life. The overall impact on the financial system was quite massive.

To maintain the flow of the economy during the crisis, some countries’ central banks, especially the US Federal Reserve, printed more fiat currency. However, such a process has a negative effect after two years. The world is generally fighting an increasing rate of inflation with other factors.

Russia and its president, Vladimir Putin, were blamed by the Western world, pioneered by the United States. They cut further economic ties with Russia.

Moreover, Russia has taken the top spot as the most sanctioned country globally. But Russia decided to retaliate by stopping gas supplies to some European states.

Most of the states have no alternative source and have been stranded. This action, in turn, increased the cost of electricity, which led to an increase in the price of all goods. The whole sequence of events becomes more devastating.

Featured image from Pixabay, chart from TradingView.com