Vanguard has officially capitulated into offering Bitcoin EFTs to their customers, as well as being willing to custody Bitcoin for their customers. Vanguard is one of the biggest financial services institutions, offering 401ks, IRAs, Mutual funds, and more other investment vehicles that allow customers to invest in financial instruments that underperform Bitcoin. Earlier this week, they announced that they would not be offering any of their customers Bitcoin exposure. Following the announcement, at least 100 individuals tweeted that they would be ceasing the use of Vanguard's services until they allowed Bitcoin exposure. The 100 twitter accounts had a sum of $100k in assets with Vanguard. As a result of the PR nightmare, the CEO of Vanguard went onto CNBC to walk back the companies previous statement.
"We are primarily a fiat company, and generally only shill fiat products. Honestly we were completely surprised by the harsh response to us remaining fiat as I had thought that Bitcoiners just buy Bitcoin instead of our silly fiat products that we sell. We are working to have a platform were Bitcoiners can not only buy these ETFs but also custody their funds with us," Mortimer "Tim" J. Buckley said. It is reported that many Bitcoiners are preparing to move their funds from cold storage to custody with Vangaurd to celebrate the victory of bullying one of the world's biggest wealth management companies into submission. "I know self custody is really important, but so it getting companies to bend the knee. That's why I'm going to empty the funds off my Cold Card in order to custody with Vanguard," Said @Lasereyepleb9000 on Twitter. Other individuals went as far to announce they would be selling their Bitcoin in order to buy ETF's from Vanguard.
One of the learning lessons from this whole event is how easily Bitcoiners will support a psyop in order to feel like they are winning. It is very similar to individuals who have Freedom as a core value, yet support politicians like Donald Trump, Javier Milei, and Nayib Bukele. Some individuals value lip service over truth and meaningful progress. All that matters at the end of the day is whether or not a politician or financial institution says nice things.
Not your keys, not your Bitcoin is great in theory, but does not allow for individuals to take advantage of tradfi coming into Bitcoin. Trusting the institutions that manufactured the 2008 financial crisis is the true monetary revolution that the people of the world need.