Vanguard Escalates Fight Against Bitcoin ETFs, Here’s What Happening

Vanguard’s recent move to distance itself from Bitcoin has sparked a social media uproar following complaints from individuals who identified themselves as customers. On Thursday, disgruntled voices surfaced, criticizing the absence of the newly introduced Bitcoin offerings on the Vanguard platform.

The situation ignited discussions on social media platforms as users expressed frustration over the unavailability of these cryptocurrency products on the investment giant’s platform. Also, #BoycottVanguard has started trending on social media platforms like X. Several Bitcoin proponents have also requested their peers to move their 401(k) funds out of Vanguard to other players 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, shared insights into Vanguard’s current anti-bitcoin stance, noting that it aligns with the company’s traditional approach and would likely have pleased its founder, John Bogle.

However, Balchunas anticipates a potential softening of this stance in the upcoming years. He suggests that as Vanguard expands its advisory business, there may be a need for access to alternative investments (alts). Balchunas highlighted Vanguard’s recent foray into private equity as a move in this direction, emphasizing the evolving dynamics in the investment landscape.

Two days since the Bitcoin ETF launch, BTC continues to face strong selling pressure in the market.