Jenny Johnson’s Crypto Portfolio Revealed; Societe Generale Leverages Ethereum; The U.K. Continues CDBC Pursuit

Written by BTSE

December 5, 2023

The cryptocurrency market is buzzing with activity as Bitcoin (BTC) soars to a 19-month high of over $42,000. This surge, driven by a mix of what has been described as ‘panic buying’, and expectations of lower interest rates, has pushed the crypto market cap beyond $1.5 trillion for the first time since May 2022. The jump in Bitcoin’s value follows a break through the $38,000 resistance level, a key barrier for most of November. While BTC leads the charge, smaller tokens like ether (ETH), BNB, and ADA have seen modest gains of 2%-3%. Could this be the start of a sustained crypto rally?

 

What to Watch Out for Today

 

1. Jenny Johnson’s Crypto Portfolio Sheds Light on Investment Trends: Jenny Johnson, CEO of $1.5 trillion asset manager Franklin Templeton, has revealed her personal crypto holdings, including Bitcoin (BTC), Ether (ETH), Uniswap (UNI), and Sushi (SUSHI), in a recent interview with Fortune. While these investments represent a small portion of her overall portfolio, Johnson’s bullish stance on blockchain technology contrasts with her view of bitcoin as a potential “distraction.” She has also expressed concern about bitcoin’s challenges as an investment and its implications for the U.S. dollar as the reserve currency. Franklin Templeton, meanwhile, continues to explore blockchain, offering an OnChain U.S. Government Money Market Fund (FOBXX) on Stella and Ethereum layer 2 blockchain Polygon. What does Johnson’s portfolio say about the current investment trends in crypto?

 

2. UK Lawmakers Advocate for a More Progressive Digital Pound: In the United Kingdom, House of Commons Treasury Committee lawmakers are pushing for innovative changes to the government’s digital pound proposal. They suggest a digital pound that can bear interest and advocate for lower individual holding limits. The lawmakers’ stance differs from the U.K. and EU’s initial proposals, which likened a digital pound to cash, not warranting interest. This move reflects a broader global interest in central bank digital currencies (CBDCs), with a particular focus on Europe. The U.K.’s approach, which includes calls for transparency and careful consideration of privacy and financial stability, could set a precedent in the evolving CBDC landscape. Could this make digital currencies more accessible to those who have never entered the crypto world before?

 

3. Societe Generale Leverages Ethereum for Green Bonds: Societe Generale, a French banking giant, has marked a significant milestone in the finance industry by issuing €10 million worth of tokenized green bond tokens on the Ethereum network. This initiative, aimed at financing sustainable activities, highlights the increasing interest of traditional financial institutions in blockchain technologies like tokenization and stablecoins. Tokenization, which refers to the process of converting real-world assets into digital tokens, offers benefits such as enhanced transparency, faster transactions, and traceability. This move by Societe Generale, along with other major financial players like JPMorgan and Apollo, signals a growing integration of crypto technologies in traditional finance. Could this be the beginning of a wider adoption of blockchain in the traditional finance sector?

 


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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