Major financial services firm Franklin Templeton, which manages approximately $1.5 trillion in assets, believes that Bitcoin is experiencing a “renaissance” of innovation driven by ordinals and other new developments on Bitcoin.
JUST IN: $1.5 Trillion Asset Manager Franklin Templeton Says Ordinals Are Generating “Positive Momentum” #Bitcoin innovation.
The institutions are arriving 🙌 pic.twitter.com/3lSDwNwE5Q
– Bitcoin Magazine (@BitcoinMagazine) April 4, 2024
In recent years, Franklin Templeton has become one of the first major institutional adopters of Bitcoin. After filing for a spot BTC ETF last year, the company launched its Franklin Bitcoin ETF (EZBC) in January amid a flurry of SEC approvals.
This openness to Bitcoin continued in a recent report from Franklin Templeton's digital assets division in which it highlighted the rise of Bitcoin-based NFTs called Ordinals, new fungible tokens, and layer 2 protocols.
Franklin Templeton tweeted that these new projects mainly generate positive dynamics in Bitcoin innovation. Trading volume data shows that ordinals like NodeMonkes and Runestone are outpacing Ethereum NFTs.
According to the report, this proves that Bitcoin offers advantages over other blockchains and that its security, decentralization, and large user base give it an edge for mainstream adoption.
Beyond NFTs, technical standards such as BRC-20 and Runes extend the functionality of Bitcoin. Along with Layer 2 scaling, these developments kick off a new phase of growth and maturity, the Wall Street firm said.
Franklin Templeton's bullish outlook reflects a broader institutional warming to Bitcoin and its capabilities, with major players like BlackRock also embracing Bitcoin even as they openly discuss “tokenization” of assets.