Infrastructure-first Crypto Thesis: Focus on Blockchain, Not Bitcoin

I believe crypto investing should prioritize infrastructure over Bitcoin. At the Jackson Hole SALT conference, Franklin Templeton’s Jenny Johnson, who manages about $1.6 trillion, argued that Bitcoin is a “fear currency” and diverts attention from the true potential of blockchain technology. The most promising area for crypto investment, in her view, is blockchain infrastructure—encompassing blockchain networks, consumer apps, and node validators. Johnson also foresees mutual funds and ETFs gradually running on blockchain, though regulatory risk remains the biggest hurdle to this transition. She notes that for active managers, the transparency provided by validators could be a game changer.