Written by: Gino Matos, CryptoSlate

Translated by: Shaw Jinse Finance

Bitcoin and cryptocurrencies seem poised for mainstream acceptance, with record inflows into U.S. spot exchange-traded funds (ETFs). Goldman Sachs holds more shares of cryptocurrency ETFs issued by BlackRock than any other institution, and corporate finance departments from Strategy to Bitmine are embracing digital assets.

However, a recent survey by Bank of America shows that three-quarters of global fund managers still firmly refuse to engage with digital assets.

Max Gokhman, Deputy Chief Investment Officer at Franklin Templeton, stated that this seemingly contradictory data does not stem from regulatory uncertainty or operational complexity, as these obstacles have largely been addressed.

In an interview, Gokhman noted that this imbalance in data arises from fear, misunderstanding, and the industry's deep-seated belief in the legitimacy of traditional investments.

Gokhman has been observing how traditional finance responds to the digital asset revolution for years. He pointed out:

"The biggest reason is that it often takes time for a mature industry to realize it is falling behind. This fear of the unknown has always existed."

The Management Paradox

Fund managers take pride in fulfilling their fiduciary duties, but this protective mindset creates a paradox: the desire to safeguard client assets prevents them from accessing the investment opportunities that clients increasingly crave.

According to Gokhman:

"One aspect of good asset management is understanding client needs. From individual clients to institutional clients, there is greater interest in digital assets, but they find that their investment managers are not providing relevant solutions."

This resistance stems from some deep-rooted misunderstandings. One viewpoint considers it purely speculative and worthless; another believes there is a lack of knowledgeable personnel to create legitimate investment solutions using digital assets.

The Meme Coin Trap

When Gokhman encounters skeptical colleagues, the conversation always follows a predictable pattern. Veterans of traditional finance tend to view meme coins as representative of the entire cryptocurrency ecosystem, revealing what he calls a superficial understanding.

Just as the stock market encompasses everything from blue-chip dividends to speculative biotech stocks, digital assets range from mature protocols that generate real returns to purely speculative tokens.

His response has become quite natural:

"Just because you invest in stocks, does that mean you only buy those low-priced stocks traded on the pink sheets? There are many companies in high-yield bonds that most rational investors would avoid. Most asset managers will tell you they hold emerging market stocks and distressed debt. This is a key asset class for them."

Gokhman emphasized that this skepticism is selective. Fund managers feel comfortable with Venezuelan bonds, which have defaulted multiple times, yet shy away from Bitcoin, which has never missed a payment in 15 years.

While fund managers continue to debate the legitimacy of cryptocurrencies, the market has quietly changed. The data Gokhman cites debunks the retail-dominated narrative: 89% of Bitcoin transactions on exchanges exceed $100,000. He stressed:

"That’s not retail money. The market is becoming increasingly institutionalized."

The Education Challenge

Franklin Templeton's response includes a three-tiered outreach campaign targeting central bank officials, institutional intermediaries, and retail investors. The crucial middle layer consists of large brokerage firms and platform owners who control millions of customer channels but are unaware of customer needs.

Gokhman asked these players whether they have inquired if their clients want cryptocurrencies. He added:

"They might have an account on Coinbase, holding most of their wealth there. And you have no grasp of this situation at all."

Traditional advisors often find clients' wealth scattered across multiple platforms, with portfolios managed by professionals that do not include the digital assets clients have accumulated themselves.

Franklin Templeton's breakthrough lies in interpreting blockchain concepts using traditional financial language. When analyzing Solana, they did not invoke revolutionary rhetoric but calculated discounted cash flows.

Gokhman explained:

"If, like Solana, every transaction incurs an actual fee, we can predict the growth of these transactions. These are the future cash flows. We can discount them to the present."

This approach demystifies digital assets by employing a familiar analytical framework that any investor with basic valuation training can understand.

It All Comes Down to Yield

As the Federal Reserve approaches interest rate cuts, Gokhman sees an opportunity. The returns from traditional sources are declining, and institutions face increasing pressure to generate revenue, while cryptocurrencies can offer an alternative.

He stated:

"Everyone needs income. Staking is a clear way to generate income. When someone tells me they worry that all this (cryptocurrency) is a scam, have you considered whether the government might just cancel all debts? Because I’ve been through that."

The recent guidance from the U.S. Securities and Exchange Commission (SEC) regarding liquid staking could be a turning point. For the first time, regulated products can offer staking yields without directly holding cryptocurrencies.

Gokhman predicts that if ETFs supporting staking cryptocurrencies are approved, this resistance will not last indefinitely. He forecasts:

"When we can provide yields, I believe this will drive more adoption."

This shift could accelerate suddenly. Institutional adoption typically follows this pattern: a sustained skepticism exists until competitive pressure forces large-scale action.

A significant gap remains between the 75% of fund managers clinging to traditional frameworks and the growing number recognizing that client service requires embracing technological change.

The question is not whether this gap will narrow, as economic pressures will ultimately drive acceptance. The question is which managers will lead the way and which will scramble to catch up.

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