Vanguard consumers are beginning to transfer to cryptocurrency-friendly platforms like Fidelity after Cathie Wood criticizes the company’s decision to not allow Bitcoin exchange-traded funds (ETFs).
The SEC has given its approval to Bitcoin exchange-traded funds, which is a significant milestone for cryptocurrencies. Vanguard, a major investing firm, has decided not to include Bitcoin exchange-traded funds (ETFs) among its available alternatives. The Chief Executive Officer of Ark Invest, Cathie Wood, has openly expressed her displeasure with Vanguard’s choice. She has also expressed her worry about the choice made by Vanguard. She used the word “terrible” to characterize it, highlighting the fact that it might cause investors to miss out on the chance to participate in the implementation of the first worldwide decentralized monetary system.
Vanguard’s rigorous stance of not accepting cryptocurrency is driving away some of its clients. They are transitioning to other platforms that provide exchange-traded funds. This demonstrates that investors in modern times are becoming more interested in crypto assets.
As a result of Vanguard’s decision, there has been a response on social media with hashtags like #BoycottVanguard. Investors are being urged to transfer their 401(k) accounts to platforms that are more receptive to cryptocurrency, such as Fidelity.
In spite of the fact that Vanguard is now remaining resistant, analysts such as Eric Balchunas from Bloomberg believe that they may alter their position in the future. It is possible that providing a variety of investing options, including cryptocurrency, may become increasingly crucial as Vanguard expands.
