Vanguard Halts Purchase of Bitcoin Futures ETFs
Vanguard, one of the world’s largest asset managers, has announced that it will no longer allow the purchase of Bitcoin futures exchange-traded funds (ETFs) on its platform. This decision is part of Vanguard’s ongoing anti-Bitcoin stance and aligns with its policy and objectives. The company made it clear that spot Bitcoin ETFs will also be unavailable for trading, and they have no plans to launch a similar product.
Competitors Embrace Cryptocurrency
While Vanguard remains skeptical about cryptocurrency, rivals such as BlackRock and Fidelity have embraced it. They recently launched their own Bitcoin ETFs, which proved to be successful on their first day of trading. Some experts believe that Vanguard may eventually change its stance due to the growing demand for diversified investments and wealth expansion. Bloomberg’s senior ETF analyst, Eric Balchunas, suggests that Vanguard’s advisory business may push them towards embracing alternative investments like cryptocurrencies in the future.
Hot Take: Will Vanguard Warm Up to Cryptocurrency?
Vanguard’s decision to halt the purchase of Bitcoin futures ETFs reflects its long-standing skepticism towards cryptocurrency. However, with competitors like BlackRock and Fidelity embracing Bitcoin ETFs and experiencing success, it remains to be seen if Vanguard will eventually change its stance. The increasing demand for diversified investments and wealth expansion may influence Vanguard to reconsider its anti-Bitcoin sentiment in the future.
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