Vanguard Stays Away from Crypto
Vanguard is taking a firm stance against cryptocurrency investments, choosing not to offer spot bitcoin exchange-traded funds (ETFs) and removing existing bitcoin futures products from its brokerage offerings. This sets Vanguard apart from other financial giants like BlackRock, Invesco, and Fidelity, who have recently introduced their own Bitcoin ETFs.
The company has immediately stopped accepting purchases of cryptocurrency products, including Bitcoin futures ETFs. Vanguard’s decision is based on its strategic focus of providing a core set of products and services that align with its dedication to serving long-term investment needs.
Backlash on Social Media
Users took to social media to express their discontent with Vanguard’s move. They criticized the absence of Bitcoin offerings on the platform and started the hashtag #BoycottVanguard. Some Bitcoin proponents even encouraged others to move their funds from Vanguard to competitors like Fidelity.
Closing your @Vanguard_Group account is easy.
Take 10 minutes of your life and vote with your money.
We don’t need gatekeepers to tell us how to invest. #BoycottVanguard
— The Wolf Of All Streets (@scottmelker) January 12, 2024
Eric Balchunas, senior ETF strategist at Bloomberg, believes Vanguard’s anti-bitcoin stance may soften in the future as the company expands its advisory business. He suggests that as Vanguard ventures into alternative investments like private equity, their approach to cryptocurrency may change.
Hot Take: Vanguard Holds Firm Against Bitcoin
Vanguard’s decision to abstain from offering Bitcoin ETFs and remove existing bitcoin futures products demonstrates its commitment to a more traditional investment approach. While other financial giants embrace cryptocurrency, Vanguard remains dedicated to serving long-term investment needs with a core set of products and services. The backlash on social media highlights the growing interest in cryptocurrency among users and the demand for more diverse investment options. It will be interesting to see if Vanguard’s stance changes in the future as the investment landscape continues to evolve.
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