Asset management firm Franklin Templeton, which last week joined the likes of BlackRock and Ark Invest in having its spot bitcoin ETFs approved by the US Securities and Exchange Commission (SEC), has been accused of “shitcoining ” and to “destroy their credibility” after he handed over control of his X account to his crypto research team.
The firm, one of the 20 largest asset managers in the United States, announced Wednesday that two members of its digital asset research team would take over its X (formerly Twitter) feed.
However, within an hour of relinquishing control of the feed, Franklin Templeton’s timeline was awash with controversial cryptocurrency acquisitions. Among the most notable posts were those that said, “In cryptocurrencies, speculation is a feature, not a bug,” and one that noted that the company is “excited about ETH and its ecosystem. Despite the crisis recently lived middle-aged.”
During the acquisition, the team apparently also promoted Solana, saying, “We view Anatoly’s vision of a single atomic state machine as a powerful use case of decentralized blockchainsreducing information asymmetry”.
pic.twitter.com/mswW8ILrc3
— Franklin Templeton (@FTI_US) January 17, 2024
Read more: Bitcoin drops $60 billion from market cap as investors move funds into ETFs
Responses from other X users were mixed. “I have never seen a major financial institution destroy its credibility so quickly…. my goodness,” one said while another stated, “Franklin Templeton really went full shilling shit. It’s fun to watch 😂.”
Bitcoin biggies, on the other hand, appreciated Templeton’s praise for Ordinals and the potential of cryptocurrencies, arguing that the company is “BULLISH ON #BITCOIN.”
Others questioned the wisdom of handing over the reins of Account Another speculated that the intern could end up in prison, saying, “but someone has to take responsibility for our bags.”
As the X takeover drew to a close, the account shared that he would like to engage with individual comments, but noted that he wasn’t lawyers wouldn’t allow it.