Vanguard Slammed For Not Offering Bitcoin ETFs, Users Move Accounts Elsewhere In Response: 'Vanguard ... Is Part Of The Evil Empire Of TradFi'
Portfolio Pulse from Bibhu Pattnaik
Vanguard faces criticism from cryptocurrency investors for not offering spot Bitcoin ETFs despite SEC approval. Investor Mike Alfred and CoinRoutes co-CEO Dave Weisberger publicly expressed their dissatisfaction, with Alfred moving his accounts and Weisberger calling it a catastrophic marketing move. Some clients have reportedly shifted their accounts to Fidelity in response to Vanguard's conservative stance towards crypto.
January 21, 2024 | 5:28 pm
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NEUTRAL IMPACT
Vanguard's decision not to offer Bitcoin ETFs has led to dissatisfaction among crypto investors, potentially influencing the demand for Bitcoin as clients move to other providers like Fidelity that offer such products.
While the news directly involves Vanguard's decision, it does not directly impact the price of Bitcoin itself. However, the sentiment and actions of investors, as they move to other services that offer Bitcoin ETFs, could have a secondary effect on Bitcoin's demand and its ecosystem.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50