Vanguard, the largest index fund in the United States, has expanded its stance on cryptocurrencies by stating that it will no longer offer clients the option to purchase cryptocurrency products, including Bitcoin futures ETF. This decision comes after Vanguard already refused to provide Bitcoin spot ETF trading services, citing the “highly speculative” nature and “regulatory uncertainty” of cryptocurrencies.
Vanguard’s move has caused a major uproar within the cryptocurrency community, with several industry leaders and key opinion leaders (KOL) leading the way in withdrawing their investments from Vanguard and turning to other competitors that offer spot ETF trading.
According to reports from Axios and The Block, Vanguard has further strengthened its position of distancing itself from cryptocurrencies. A spokesperson for the company stated on the 13th that they will not only refrain from offering Bitcoin spot ETF trading services but also have no plans to launch their own Bitcoin ETF or any other cryptocurrency-related products. The spokesperson added, “Our long-standing view is that the high volatility of cryptocurrencies runs counter to our goal of helping investors generate positive long-term returns. This change allows us to focus on providing a range of core products and services that align with our commitment to meet the long-term investment needs of our clients.”
In response to Vanguard’s decision to not offer Bitcoin ETF trading services, Cathie Wood, CEO of Ark Invest, which successfully launched a Bitcoin spot ETF last week, commented in a Yahoo interview on Saturday that Vanguard’s decision is “very disappointing.”
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