Bitcoin Processed $36.6T Transactions in 2023, TradFi Is Underestimating $BTC

• Bitcoin processed $36.6T transactions in 2023, four times more than Mastercard and almost 2.5 times more than Visa.
• Jenny Johnson (Franklin Templeton CEO) said Bitcoin is one of the biggest disruptive technologies in traditional finance (TradFi).
• Both Mastercard and Visa are trying to implement crypto in their product offerings in an attempt to ride the crypto wave.

Bitcoin processed $36.6T transactions in 2023, significantly more than Mastercard and Visa combined. According to Franklin Templeton CEO Jenny Johnson, traditional finance is underestimating Bitcoin.

In a discussion at the Wyoming Blockchain Symposium, she said that crypto is one of the two biggest disruptive technologies everyone should pay attention to. The other is AI.

What's crazy to me is that in traditional finance, they have no idea about the amount of money and the volume [of bitcoin].Jenny Johnson, Franklin Templeton CEO

Let's discuss why Johnson believes Bitcoin could radically change TradFi and what that could mean for the industry.

Bitcoin is a Massive Untapped Ecosystem in TradFi

Mastercard and Visa processed $9T and $14.8T in 2023. By comparison, Bitcoin processed $36.6T, four times more than Mastercard and almost 2.5 times more than Visa.

Bitcoin is currently $60,933, with a market cap of $1.2T and a $34B 24-hour trading volume.

Since August 203, $BTC has grownby 134%. Its potential impact on financial markets is already undeniable, according to Johnson.

While both Mastercard and Visa are trying to add crypto to their networks, they're not there yet. Visa has run several trials to launch a new crypto product, while Mastercard is launching blockchain debit cards soon. However, given Bitcoin's disruptive potential, that's far from enough attention.

There's an entire ecosystem that almost ignores what is a parallel, massive ecosystem.Jenny Johnson, Franklin Templeton CEOWhy Is Franklin Templeton an Authority on the Topic?

If Franklin Templeton's CEO says Bitcoin can significantly impact TradFi, it's best to listen to her. Since she took the leadership mantle, the firm has become an industry leader in TradFI asset management.

The company recently filed for a new ETF that merges Bitcoin with Ethereum, and it's currently waiting for the SEC's approval. Coinbase will become the custodian, and the index will expose investors to the two largest cryptocurrencies for now.

If the ETF is successful, Templeton will add other cryptocurrencies, with Solana as a strong contender.

The firm is very bullish on crypto - otherwise, it wouldn't invest so much money and effort into crypto ETFs and the crypto industry.

With Tether launching a dirham-pegged stablecoin and Brazil approving the second Solana spot ETF, the space is evolving faster than anyone realizes.

Whether TradFi can leverage Bitcoin's potential for a bigger and better financial solution remains to be seen but the writing is on the wall.

References

• TradFi Underestimates Bitcoin's Enormous Scale, Franklin Templeton CEO Says (Coindesk)

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