From Fortune:

Legendary investor Jack Bogle cautioned against Bitcoin back in 2017. Vanguard Group Inc. still avoids the crypto trend. Last week, Vangaurd sparked an uproar by refusing to offer the first US Bitcoin exchange-traded funds on its platform, inciting the hashtag #BoycottVanguard on social media, with users pulling their money from the asset management company.

While Bitcoin ETFs gained steam, Vanguard has eschewed all crypto products, aligning with its founder’s historical investment principles established in 1975. Refusing to offer commodities and complex products, Vanguard remains the only major asset manager without crypto products. The company has stood its ground against crypto, contrasting with its industry peers.

Vanguard’s refusal of crypto stands in stark contrast to major companies such as BlackRock Inc. and Fidelity who have embraced Bitcoin ETFs. Meanwhile, the #BoycottVanguard movement has sparked online vitriol and led a fraction of investors to withdraw, but industry analysts do not anticipate a significant impact on the company’s business. Despite the boycott, Vanguard continues to grow its ETF market share.

While rejecting crypto products could be a long-term risk for Vanguard, industry analysts argue that the impact on the company’s business is minimal. Despite drawing disdain from the crypto community, Vanguard has attracted a loyal base of investors. Even if Vanguard told customers to stop investing, the company’s banked trust and goodwill would still drive money to flow in.



Read more: Vanguard unfazed by boycott calls after shunning Bitcoin ETFs