The first batch of Bitcoin spot ETFs in the United States officially opened for trading on the evening of the 11th. However, Vanguard, the largest index fund in the United States and second only to BlackRock in terms of asset management, announced that it will not provide Bitcoin spot ETF trading services to its customers. , because cryptocurrencies are “highly speculative” and “regulatory uncertain.”
Vanguard's move caused an uproar in the cryptocurrency community and even a boycott. Many industry leaders and KOLs took the lead in withdrawing investment from Vanguard and switching to other competitors that provide spot ETF transactions.
Vanguard: Not accepting purchases of cryptocurrency products, including Bitcoin futures ETFs
According to reports from Axios and The Block , in addition to not providing Bitcoin spot ETF trading services, Vanguard has further strengthened its stance away from cryptocurrencies. A spokesperson for the group said on the 13th:
"In addition to being unable to purchase spot Bitcoin ETFs on the Vanguard platform, Vanguard will no longer accept the purchase of cryptocurrency products, including Bitcoin futures ETFs, effective immediately."
At the same time, the spokesperson added that the group has no plans to launch Vanguard’s own Bitcoin ETF or other cryptocurrency-related products. “Our long-term view is that the high volatility of cryptocurrencies is inconsistent with our ability to help investors generate positive results over the long term. Compensation is counter to the goal. This change allows us to focus on delivering a core set of products and services, consistent with our commitment to meeting the needs of long-term investors."
Ark Female Stock God: Pioneer’s strategy of rejecting Bitcoin made a big mistake
Regarding Vanguard's choice to refuse to provide Bitcoin ETF trading services, Cathie Wood, CEO of Ark Fund, which successfully listed a Bitcoin spot ETF last week, commented in a Yahoo interview on Saturday that Vanguard's decision was "very bad."
I think this is a bad decision and a strategic mistake. What Vanguard did was basically say, "You know, the world is not going to change. These new financial trajectories are not going to succeed. We still have seven middlemen between merchants and consumers, and each of them causes losses."
Another reason why I think this is a terrible mistake is that they will deprive the investors who remain with them of the right to participate in the first global decentralized monetary system in history.
We just don't think this move will prove to be the right one. Truth always wins. Innovate to solve problems. There is a lot of friction in the financial system, and we believe that Bitcoin and blockchain technology will remove a lot of friction from the system.
