Posted 1/20/2024, 4:59:00 PM
Vanguard Doubles Down on Shunning Bitcoin, Draws Ire of Crypto Advocates
- Vanguard has refused to offer new Bitcoin ETFs, sparking backlash and boycott calls from the crypto community
- The firm has removed all crypto products from its platform, staying true to its conservative investing approach set out by late founder Jack Bogle
- Vanguard focuses on assets like stocks and bonds that generate cash flows, not commodities like Bitcoin which it sees as "total speculation"
- Despite outrage, a boycott is unlikely to impact Vanguard's business or 401k plans given its loyal customer base
- The firm continues to attract assets rapidly, adding $4.4 billion to its ETFs last week alone as it cements itself as a low-cost index fund leader