Investment Giant Faces Criticism For Blocking Bitcoin ETFs

Vanguard is being criticized by its clients and others in the finance industry for blocking customer access to Bitcoin ETFs, this has led a significant number of users to transfer their investments away from the firm. The investment giant made this decision on January 11, sparking debates and the revelation of other shady moves by the firm.

Customers, influencers, and analysts are openly moving their assets away from Vanguard. Notable figures like Neil Jacobs, Sam Callahan, and ‘yugacohler’ have publicly announced transferring their investments to other firms like Fidelity, and the hashtag #LeaveVanguard is gaining traction on X (formerly Twitter).

Amid the debates, some clients and analysts are accusing Vanguard of manipulating Bitcoin's price by allowing sales but not purchases of certain Bitcoin-related products. This has caused people to question the firm's intentions and practices.

Vanguard's decision not to offer Bitcoin ETFs based on their policies has been criticized citing that the firm offers bonds from countries with controversial records, leading to criticisms of its investment policies. This situation has put Vanguard's reputation and client base at risk, with the company having over 50 million investors as of the end of 2022.

It was also revealed that some other firms like Citi, Merrill, Edward Jones, and UBS have also been reported to not allow clients to trade the ETF.