CRYPTO 101 Ep. 711: Top Crypto Investment Strategies for 2026 with Franklin Templeton

Release date: March 12, 2026 | Hosts: Bryce Paul & Brendan Viehman | Guest: Max Gockman (Deputy CIO, Franklin Templeton Investment Solutions)

Main Theme:

This episode dives deep into how one of the world's largest asset managers, Franklin Templeton, views the current crypto market, major shifts in 2026, and the practical strategies that both institutions and retail investors should consider for the years ahead. Featuring firsthand insights from Max Gockman, Deputy CIO at Franklin Templeton, the conversation debunks common myths, analyzes volatility, delves into risk management, and outlines concrete allocation methods as crypto becomes further institutionalized.

Key Discussion Points & Insights

1. Max Gockman’s Path into Crypto

• Max emphasizes his history as a multi-asset investor and the pattern of new asset class adoption (MM:SS 02:47):

  “I've never invested just in equities or bonds. ... I want to be at the cutting edge of that, not at the back. And a lot of times when you're a fast follower, you're just in second place.” – Max (03:16)

• He draws parallels between crypto’s trajectory and the earlier skepticism/metamorphosis of emerging markets and tech.

2. Franklin Templeton’s Institutional Perspective on Crypto

• Franklin Templeton does not view "crypto" as a monolith:

  “We don't look at it as a monolith. ... I'm not a huge bitcoin fan. ... But that does not make me not super excited about everything else that's going on.” – Max (04:34)

• Max is more bullish on Ethereum (“the railroads of the future”) and Solana (“completely changes the way peer to peer transactions can work”) than on Bitcoin (05:15).
• Franklin is creating diversified solutions across wrappers (ETF, ETPs, funds) for all client types—from retail to institutions (06:00–07:00).

3. Coexistence of Major Blockchains & Layered Utility

• Institutional preference presently skews towards Ethereum, but both Ethereum and Solana can thrive due to distinct use-cases:

  “Ethereum really is a technology platform for building smart contracts. Solana is a super fast transactional rail. … It’s almost like saying you can have Alphabet and Visa co-exist.” – Max (07:46)

• Multiple blockchains can (and likely will) coexist—mirroring how Visa, Mastercard, Amex, and Discover all operate in payments (08:30–10:00).

4. Understanding Recent Crypto Volatility and Drawdowns

• Market is experiencing a significant drawdown (Bitcoin in the $60-70K range in early 2026), and Max addresses the repeated “Bitcoin is dead” claims (10:14).
• Advocates for methodical, benchmarked investing:

  “Use risk management, don't invest on vibes. ... You should have a benchmark that represents your risk tolerance.” – Max (12:04)

• Explains that “risk” should be the basis of allocation (e.g., up to 20% of total risk), not arbitrary percentage notional allocations (12:30).

5. What Caused the 2025-2026 Crypto Crash?

• The primary driver is excessive leverage and "reflexive deleveraging" rather than macro or “black swan” events:

  “You really don't need to inject leverage into crypto ever. ... It is already so volatile.” – Max (19:51) “There was a liquidity crunch … so everyone's positions just go thwomp. And now you're getting to this reflexive deleveraging cycle...” – Max (21:07)

• These forced liquidations snowballed since the 10/10/2025 crash, with the cycle perpetuated by ongoing margin calls and a lag in “whale” support (24:53).

6. Smart Investment Approaches for Retail and Institutional Investors

• Don’t try to “catch the falling knife”—let stabilization occur; missing first 10-15% of a rebound is less risky than entering too early (26:45).
• Dollar-cost averaging with regular rebalancing based on target portfolio risk is favored:

  “Just have a regular rebalancing frequency. So if digital assets fell … you’re buying … It’s very formulaic.” – Max (27:35)

• Dismisses the notion of “perfect timing," emphasizing common sense risk management (28:58).

7. What Are Institutions Doing During the Selloff?

• Institutional players are exploring tokenization and Real-World Assets (RWAs) as new frontiers, not just “top layer” tokens (30:58).
• A major shift: All large institutions and sovereign funds are now considering allocations or seeking liquidity via blockchain tech:

  “All the biggest institutions are now looking at this space. It is a sea change.” – Max (32:36)

• Franklin emphasizes education—both for clients and internally—preferring to first explain the beauty of blockchain, then crypto (30:58–34:00).

8. Debunking the “3% Rule” and Reframing Risk

• Max criticizes the dogmatic “just YOLO 3% of your portfolio into crypto” advice as “degen gambling” (34:14):

  “No part of your portfolio is a casino. ... All the asset classes in your portfolio interact with each other. ... It’s ultimately, it’s risk management.” – Max (34:27)

• Focus on the risk-adjusted effect on the entire portfolio, not arbitrary allocations.

9. Technicals vs Fundamentals: The Disconnect

• Despite sectoral tailwinds (RWAs, DeFi, stablecoins, ETF inflows), technical selloffs are a response to forced liquidations and panic selling by a minority of sellers (37:12–39:16).

10. Macro Environment, Fed Policy & Crypto

• Recent and future Fed rate cuts (new chair Warsh) may support crypto through USD debasement, but are not sole market movers; watch for Treasury/Fed coordination and regulatory shifts (40:58–43:33).
• Macroeconomic factors, institutional adoption, and regulatory clarity all weigh heavily—no “single variable” drives the market (43:33–46:44).

  “Interest rate cuts are going to matter. They’re not going to be the only thing that matters.” – Max (45:46)

11. End of the ‘Halving is Destiny’ Narrative

• The four-year Bitcoin cycle is losing explanatory power:

  “Bitcoin halving… is a supply shock. It is a framework. It’s not canon. … Catalysts that are well known in advance … just not as critical. … If you have an edge, usually it’s because you have a view on something that not everyone shares.” – Max (47:37, 48:54)

12. Max’s Preferred Projects and Utility Sectors

• Most excited by Solana as a fast, low-fee global payments rail—a solution for financial inclusion and the unbanked:

  “We can go from unbanked to on-chain. ... If we have something ... with proof of history, ... very low fees, super high throughput ... that to me is really exciting.” – Max (50:06)

• Ethereum praised as an innovation platform, but not ideal as a currency due to gas fees (52:40).
• Recommends direct exposure via ETFs/ETPs or on-chain wallets, minimizing wrapper risk:

  “There is really no reason ... not to be able to get [exposure] either through an ETF, ETP, or on chain through a wallet. ... Don’t add risk to crypto. It is risky enough.” – Max (55:26)

13. Franklin Templeton’s Future Crypto Plans

• Goal: To be a full-service solution for all crypto-interested investors, leveraging $1.7T scale to build robust, innovative, and secure products (58:00).

  “We are committed to the space and we're committed to serving our investors with really innovative products that ... are secure and sound...” – Max (58:00)

• Follow Max at maxgockman.com (LinkedIn) and Franklin at futureportfolios.com (60:22).

Notable Quotes & Moments

• On exposure and risk:

  “Why are you going into something just because it’s shiny and ... someone on Reddit said it?” – Max (55:26)

• On cycles and investing:

  “People are too focused … on getting their bag too fast. ... The bag you get may be a bag of something you don’t want.” – Max (57:38)

• On intuition vs plan:

  “No one, except maybe your two friends on Reddit, are going to care if you bottom tick. ... This is your money, be smart with it.” – Max (27:35)

Timestamps for Key Segments

| Timestamp | Segment | |-----------|---------| | 02:47 | Max on history as a multi-asset investor and moving into crypto | | 04:34 | Franklin’s view: more bullish on Ethereum/Solana than Bitcoin | | 07:46 | Coexistence of Ethereum/Solana; different verticals analogy | | 10:14 | Addressing Bitcoin is “dead” narrative; advocation for methodical investing | | 12:04 | Benchmarked, risk-adjusted asset allocation explained | | 19:51 | What caused the drawdown: excessive leverage and forced liquidation | | 26:45 | Dollar-cost averaging and not catching falling knives | | 30:58 | What are institutions doing in the downturn? Tokenization and knowledge transfer | | 34:14 | The “3% allocation” myth and why it’s unsound | | 40:58 | Macro: Fed, dollar debasement, and long-term crypto impact | | 47:37 | Bitcoin halving: framework not destiny | | 50:06 | Max’s favorite projects: Solana, potential for global payments | | 55:26 | Why avoid complicated wrappers; go direct, manage risk | | 58:00 | Franklin’s commitment and future crypto plans |

Summary Takeaways

• The crypto market in 2026 is facing volatility driven largely by internal leverage excess, not external shocks.
• Institutions like Franklin Templeton are highly active—exploring diversified products, tokenization, and RWAs—not just Bitcoin ETFs.
• Sound crypto investing requires methodical risk management and regular, formulaic rebalancing, not gut feeling or dogmatic % allocations.
• Ethereum and Solana are both integral but for different purposes; they and other chains can coexist as adoption increases.
• The four-year Bitcoin halving cycle is less relevant; forward-looking investors must weigh multiple variables (macro, regulations, liquidity, technicals).
• Direct, simple crypto exposure is best—avoid unnecessary product wrappers or leverage.
• Franklin Templeton aims to be a crypto leader across investor types, focusing on security, liquidity, and innovation—with further major developments ahead.

For practical crypto investing success: Focus on risk, diversify, and let structure—not emotion—guide your positions, regardless of cycles or market hype.