ETF Inventor Stands Firm: Vanguard Withdraws from Bitcoin Futures, Reinforcing Position on “Cryptocurrency-Free” Investments
The Vanguard Group, a leading US asset management giant, has recently confirmed its strengthened “non-cryptocurrency” investment policy, including the withdrawal of Bitcoin futures from its platform. This stance is in contrast to other financial institutions such as BlackRock, who have embraced cryptocurrency-related products.
Vanguard’s decision to withdraw Bitcoin futures from its brokerage services goes against the current trend on Wall Street and not only reinforces its position against Bitcoin ETFs but also represents its unwillingness to participate in any form of cryptocurrency investment.
While other financial giants like BlackRock, Invesco, and Fidelity embrace cryptocurrencies and launch their own Bitcoin ETFs, Vanguard has decided to stand firm, highlighting its commitment to traditional investment values and its decision to abandon the emerging digital currency market.
A spokesperson for Vanguard expressed the company’s dedication to prioritizing long-term investment strategies and stated, “This change allows us to focus on providing a core set of products and services consistent with our commitment to serving long-term investors.”
Vanguard’s decision aligns with its long-term investment philosophy and reflects the beliefs of its late founder, John Bogle. In fact, Vanguard is the world’s first ETF creator, with founder Jack Bogle introducing the first index fund, the Vanguard 500 Index Fund, in 1976. The development of ETFs has expanded from stocks to bonds and then commodities.
John Bogle became famous for advocating simple, low-cost investments rather than speculative ventures, shaping the company’s cautious attitude towards trends and high-risk investments like cryptocurrencies.
This decision has caused a stir on social media, with some claiming to be Vanguard customers expressing dissatisfaction with the inability to adopt cryptocurrency products.
Bloomberg analyst Eric Balchunas commented that Vanguard’s anti-Bitcoin ETF stance is solely to maintain the investment style of its founder. However, this position may change in several years as they have established their own advisory business and need alternative investment targets.
Not only Vanguard but also Merrill Lynch is taking a cautious approach to Bitcoin ETFs and will decide whether to change its internal policy of uniformly rejecting such products after evaluating trading conditions.
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