Unfortunately our 401K is with vanguard. :-(
Major reversal - Vanguard just started allowing Bitcoin and crypto ETF trading on Tuesday (December 2nd) after being Wall Street's biggest crypto skeptic for years.
This is huge because:
- Vanguard manages $11 trillion and has 50+ million customers
- They actively blocked Bitcoin ETFs when they launched in January 2024
- Former CEO Tim Buckley consistently argued Bitcoin was too volatile and didn't belong in long-term portfolios
- When Bitcoin ETFs launched, customers trying to buy them got error messages - sparked a #BoycottVanguard campaign
What changed:
- New CEO Salim Ramji took over in July 2024 - he came from BlackRock where he helped launch their Bitcoin ETF
- Sustained client demand as BlackRock's Bitcoin ETF grew to $70B+ in assets
- Vanguard was losing business to competitors
The compromise:
- They'll allow third-party crypto ETFs (Bitcoin, Ethereum, XRP, Solana) on their platform
- Still won't launch their own crypto products
- Will exclude memecoins
- Treating crypto like gold or other non-core assets
Timing's interesting though - Bitcoin just fell from $126K in October to mid-$80Ks, so they're opening access during a drawdown. But Bank of America also just recommended 1-4% crypto allocations for wealth clients around the same time.
So yes, even the most conservative institution finally caved to reality.