Franklin Templeton Eyes Altcoin Expansion Amidst New U.S. Crypto Legislation, VanEck's Ether Prediction
Summary:
Franklin Templeton, the $1.64 trillion asset manager, is considering expanding their crypto investment fund to include altcoins. In other news, new U.S. legislation could potentially give the President power to hinder digital assets transactions. At the same time, asset management company VanEck predicts that adoption by financial institutions and tech giants will boost Ether to $22,000 by 2030.
Franklin Templeton is reportedly looking to broaden its array of crypto investment funds by venturing into altcoins, although which specific assets are involved remains unseen. In other news, a recent legislation in the United States could potentially enable the President to hinder digital asset transactions. At the same time, asset management firm VanEck predicts that Ether's valuation could reach $22,000 by 2030, driven by its increasing adoption by financial institutions and tech giants, alongside the introduction of spot Ether exchange-traded funds.
With $1.64 trillion managed assets under its belt, Franklin Templeton is exploring the possibility of establishing an institutional investment fund devoted solely to altcoins. As per a news report from June 6, the goal of the firm is to amplify its existing Bitcoin ETF and forthcoming spot Ether offerings through this potential expansion. While specific details regarding which altcoins would be included are unclear, Franklin's favorable past comments about Solana suggest a possible interest. Franklin Templeton also recently announced that its Benji platform users can now invest in their money market fund using the USD Coin (USDC) stablecoin.
In the United States, a new law giving the President extensive power to impede access to digital assets has raised significant concerns. Scott Johnsson, a renowned figure in the digital asset domain, criticized the broad nature of the law on June 6, indicating that it could be interpreted as an attempt to impose user-level restrictions on any protocol or contracts believed to be managed or provided by a foreign sanctions violator. A stipulation of the law allows the president to restrict transactions between U.S. individuals and foreign groups considered supportive of terrorist organizations; this implies setting stringent conditions on foreign institutions keeping accounts in the U.S. if they are facilitating such transactions.
There has been a notable increase in the number of daily active Ethereum ecosystem users, almost nine times the number from four years ago. Analysts attribute this growth as a major player that could push Ether to new heights. Crypto ETF issuer VanEck has increased its Ether price projection, expecting it to reach $22,000 by 2030, a notable leap from last year's prediction of $11,800. This forecast is based on Ether's revenue per user, which surpasses most Web2 businesses, and is expected to grow among traditional financial market participants and Big Tech.
Published At
6/6/2024 11:27:52 PM
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