Vanguard Faces Backlash for Excluding Bitcoin ETFs
After Bitcoin ETFs were approved and began trading, Vanguard chose not to offer its users access to these products. This decision has sparked significant criticism from Vanguard users, with some even closing their brokerage accounts and moving their funds to other platforms.
Vanguard’s Reasoning for Exclusion
Vanguard stated that spot Bitcoin ETFs do not align with its traditional offerings and investment philosophy. The company clarified that it will not make spot bitcoin ETFs available for purchase on its platform and has no plans to offer any crypto-related products.
User Dissatisfaction with Vanguard
Many crypto enthusiasts who have Vanguard accounts expressed dissatisfaction with the company’s stance on cryptocurrency. As a result, they have chosen to switch to more crypto-friendly rivals, such as Fidelity.
Await Introduction by Other Players
Clients of investment firms Citi, Merrill Lynch, Edward Jones, and UBS have also reported being unable to buy spot Bitcoin ETFs on those platforms. Merrill Lynch is reportedly waiting to determine the efficiency of spot Bitcoin ETFs before offering them for purchase.
Impressive Start for Bitcoin ETFs
Despite the exclusions by some investment firms, Bitcoin ETFs had a successful first day of trading, with over $4 billion in trade volume. This reflects strong interest in these products.
Hot Take: Vanguard’s Decision Draws Criticism
Vanguard’s decision to exclude Bitcoin ETFs has received backlash from users who are disappointed with the company’s stance on cryptocurrency. This move has prompted some users to close their accounts and transfer their funds elsewhere. It remains to be seen whether other investment firms will follow suit or embrace the growing popularity of Bitcoin ETFs.
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