Vanguard Restricts Customer Access to Bitcoin ETFs | Hacker News Reader

Vanguard Restricts Customer Access to Bitcoin ETFs

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18 pointswslh11 comments

> Some customers have expressed their dissatisfaction, with a few even threatening to close their accounts in search of platforms that will allow them to invest in Bitcoin ETFs

Someone should tell these folks that they're allowed to have more than one account

Not that it’s relevant in this case, because there aren’t any UCITS/NURS BTC ETFs yet, but in the UK one can only pay into a single S&S ISA (a tax-wrapper, the US equivalent of which I think would be a Roth IRA) in any given tax year, so it’s not always as simple as having multiple accounts.

Paying into a second account would require it to be outside the ISA scheme making the investments subject to CGT, etc.

Can you transfer your account to another custodian/broker? You can do that with a Roth IRS here.

The US does not have that. In fact, if you were to move to another job, it is very easy to commit more than you should have to your 401k (Roth or pretax) since the providers only let you contribute a percentage of your paycheck, vs a fixed amount to it.

Do not know if that is a legal requirement for the percentage of paycheck part.

IRAs have the same problem where you can contribute more than you should if you use two providers and contribute to both. They will only track it at their firm.

> providers only let you contribute a percentage of your paycheck, vs a fixed amount to it.

No, you’ve just got a lazy HR/payroll provider. The govt couldn’t care less about it, just that your total for the year doesn’t exceed your limits.

"The company's spokesperson emphasized that the high volatility associated with cryptocurrencies does not align with Vanguard's investment philosophy, which prioritizes long-term returns over speculative bets."

Seems pretty reasonable to me. Bitcoin is the antithesis of Vanguard's investment philosophy. I don't blame them wanting to be "tainted" by it.

Wow all these companies and people, you included, with our well being at their heart. Inshould probably invite you and Vanguard for Christmas. /$

At the end of the day this is a free economy and people will vote with their wallets. This will not slow Bitcoin adoption but will lose money for the reluctant parties, and this will in turn bring them back to the table ...

Vanguard doesn’t allow leveraged or inverse ETFs either, this is in line with Vanguard’s investment philosophy.

For what it’s worth, my Roth IRA is a Vanguard account.

The Advent of Bitcoin ETFs signals to me only one thing... JP Morgan and kin have figured out how to get to paper Bitcoin, just like paper gold and silver.

Good on Vanguard for avoiding these risky, fad investments.

Some people are going to make money with this, and a lot of people will lose money. Likely due to either connections or luck, or, the lack of both of the formers.

Vanguard recently started to restrict trading in most OTC stocks too: https://www.bogleheads.org/forum/viewtopic.php?t=375654

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