I have zero insight into their thinking and believe that it is not just foolish, but they will lose assets over this. I also believe they will change their stance in the next 12 to 24 months. But that is my uninformed opinion and just competitive market driven expectation. 

jameslavish

Hi James, thanks for the AMA.  I've noticed Vanguard seems very reluctant to soften their opposition to bitcoin - not only have they sat out on the bitcoin ETF game, they're also not allowing their customers any exposure to bitcoin.  I can't tell if it's an inflexible corporate strategy, hubris, or maybe they're signaling values to a different sort of clientele.  Do you have any insight into their reluctance?