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  • Los Angeles Times

    Michael Hiltzik: Vanguard, one of our top investment firms, shuns crypto 'like the plague.' That's good for its customers

    by Michael Hiltzik, Los Angeles Times Feb 27, 2024 6 minutes
    A visual representation of the digital cryptocurrency Bitcoin, Dec. 7, 2017, in London.

    After Jan. 10, when the Securities and Exchange Commission approved the first bitcoin exchange-traded investment products, the biggest investment firms jumped into the pool with both feet, jostling one another to offer their clients, big or small, access to bitcoin funds.

    All, that is, except the second-biggest private investment management fund on the planet, Vanguard Group.

    The firm has made clear, most recently in a Jan. 24 message to its clients, that it has no plans to offer a bitcoin exchange-traded fund (ETF) or any other cryptocurrency-related products. Nor will it allow any such products from other firms to be offered via its brokerage arm.

    Vanguard spelled out precisely why it is shunning crypto despite the "headlines and buzz" the asset class generates. Put simply, it doesn't think crypto belongs in retail investors' portfolios.

    That's a smart and responsible policy that places the interests of Vanguard's clientele ahead of those of the greedy promoters and scamsters

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