Last week, Vanguard caused a stir when it blatantly refused to list the new Bitcoin ETFs.
The acceptance of Bitcoin ETFs by traditional institutions has only served to inflame animosity.
The $8.6 trillion asset management behemoth Vanguard Group Inc. has taken a conservative stance on the crypto market, especially in the wake of the U.S launch of a spot Bitcoin ETF.
“Avoid Bitcoin like the plague,” reportedly cautioned renowned investor Jack Bogle in 2017. Sticking to the cautious investment strategy of its late founder, Vanguard Group Inc. continues to infuriate the crypto world even after more than six years.
Conventional Investing Approach
Last week, Vanguard caused a stir when it blatantly refused to list the new Bitcoin ETFs on its massive trading platform, amidst the widespread excitement around the long-awaited introduction of the first Bitcoin ETFs in the U.S.
Not only did the business opt out of spot Bitcoin ETF products, but it also pulled futures-backed Bitcoin funds from its offerings, reflecting its reputation for conventional investing approach. The conservative decision has caused quite a stir, and a social media campaign called #BoycottVanguard has emerged as a result.
The newly-launched spot Bitcoin ETFs have attracted billions of dollars, but according to a Vanguard representative, the company has no intentions to provide any cryptocurrency-related products. In sharp contrast to its competitors, Vanguard has decided to stay out of the cryptocurrency market. Last week, spot Bitcoin ETFs were introduced by BlackRock, Fidelity, and Invesco.
At the same time, Franklin Templeton has poured resources into advertising its Bitcoin fund, drawing attention to its X Benjamin Franklin image and urging investors to include Bitcoin in their 60/40 portfolios.
The acceptance of Bitcoin ETFs by traditional financial institutions has only served to inflame online animosity against Vanguard.