EddieJayonCrypto
13 Jan 24
Vanguard, a prominent asset manager, has reinforced its "no-crypto" stance by steering clear of the just-approved Bitcoin spot ETFs and removing existing Bitcoin futures products from its brokerage offerings. The company's decision came as many financial giants embraced cryptocurrencies, with names ...
Prominent asset manager Vanguard is reinforcing its “no-crypto” stance by steering clear of the just-approved Bitcoin spot ETFs and removing existing Bitcoin futures products from its brokerage offerings. A Vanguard representative confirmed the new move in an exclusive statement.
While financial giants like BlackRock, Invesco, and Fidelity have recently launched their own branded Bitcoin spot ETF shares, Vanguard remains resolute in distancing itself from the cryptocurrency market. Efforts to invest in BlackRock’s iShares Bitcoin Trust or Grayscale Bitcoin Trust using a Vanguard retirement brokerage account triggered cautionary messages. Members of the crypto community have raised concerns about the development. A representative from Vanguard confirmed that the Bitcoin investment product will be unavailable on the Vanguard platform. Interestingly, Vanguard took further steps to distance itself from existing Bitcoin futures products. The Vanguard spokesperson stated: The firm’s rationale behind this move is rooted in its commitment to providing a core set of products and services aligned with the needs of long-term investors. Vanguard is well-known for its traditional, long-term investment philosophy, which diverges from the more speculative nature of the cryptocurrency market. Vanguard’s decision came when many institutional players embraced cryptocurrencies, with notable names entering the space by launching their Bitcoin-related investment products. However, Vanguard appears resolute in maintaining its unique investment approach and staying true to its philosophy despite the evolving landscape of the financial industry.
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