A strategist from global investment giant Franklin Templeton says they envision that every national treasury will one day hold Bitcoin (BTC) and that the crypto king will eventually become the basic unit of commerce.
In a new interview On crypto influencer Natalie Brunell’s YouTube channel, Sandy Kaul, Franklin Templeton’s head of digital asset and sector advisory services, says we are already starting to see nation states take over the top crypto assets based on market capitalization.
Kaul also notes that BTC will be even more efficient than central bank digital currencies (CBDCs) for national treasuries.
‘I think you’re starting to see it [country’s holding BTC]and you’re even starting to see this in less developed countries that want to play on a more level playing field by combining some of their purchasing power around Bitcoin and using that as a way to compete more effectively with larger countries and larger economies…
I think that too [BTC is] it will become something that every treasury will have to maintain, because parts of their operations will simply be more easily facilitated through Bitcoin payments than through currency conversions that need to take place to enable cross-border trading today.
So many people see a lot of promise in central bank digital currencies. I think it will create a lot of efficiencies, but they will still require all that translation and exchange rate risk that you carry with you when you go from country to country, whereas a Bitcoin is a Bitcoin in every country.”
According to Kaul, it is within the capabilities of countries around the world to conduct transactions using Bitcoin as the base unit.
“I still think I see the potential [BTC] used as the basic unit of international trade. You will see that it is used at least for certain types of trade and that means that each country will have to maintain some reserves.
So I see it increasingly finding its way into the traditional banking ecosystem as just a fundamental part of that system, and I think the question then becomes, over time, are people going to be more attracted to something that works globally and is not bound? to the policies of any government?”
Bitcoin is trading at $42,051 at the time of writing.
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