Vanguard Shuns Bitcoin ETFs, Faces Social Media Backlash From Crypto Enthusiasts: 'Have Fun Staying Poor'
Portfolio Pulse from Murtuza Merchant
Vanguard has decided against offering a U.S. spot Bitcoin ETF, citing the asset's volatility and its misalignment with the company's investment philosophy. This decision has led to criticism from crypto enthusiasts on social media. Vanguard's platform does not support the purchase of BlackRock's IBIT ETF, contrasting with other brokerages like Charles Schwab and Fidelity, which allow clients to buy new spot bitcoin ETFs. Vanguard's conservative stance has been met with negative reactions from some customers, with one announcing plans to transfer assets out of Vanguard.
January 11, 2024 | 7:32 pm
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BlackRock's IBIT ETF cannot be purchased on Vanguard's platform, which may limit exposure to Vanguard's customer base.
While Vanguard's decision not to offer Bitcoin ETFs, including BlackRock's IBIT, may limit exposure to Vanguard's customers, it's unclear how significant this impact will be on BlackRock's overall ETF sales, given the availability of IBIT on other platforms.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Charles Schwab allows clients to buy new spot bitcoin ETFs, potentially attracting customers from Vanguard.
Charles Schwab's decision to offer Bitcoin ETFs could attract investors looking for crypto exposure, especially those dissatisfied with Vanguard's conservative approach. This could have a positive impact on Schwab's customer growth and satisfaction.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50