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- Vanguard reinforces its anti-Bitcoin position by discontinuing support for all cryptocurrency offerings.
- The investment management firm had previously indicated it would not facilitate the acquisition of spot Bitcoin ETFs.
Vanguard, the second largest investment management firm in the United States, has intensified its anti-Bitcoin (BTC) approach.
In a recent update, the firm has withdrawn its support for Bitcoin Futures ETFs and has ceased the purchase of all other cryptocurrency products.
The company communicated this information to Axios, stating, “In addition to spot Bitcoin ETFs not being available for purchase on the Vanguard platform, effective immediately, Vanguard will no longer accept the purchase of cryptocurrency products, including Bitcoin futures ETFs.”
The firm added,
“This change enables us to concentrate on providing a core set of products and services that align with our commitment to meet the needs of long-term investors.”
See Also: Vanguard Has No Plans To Allow Spot Bitcoin ETF Trading On Its Platform
Vanguard Closes All Doors For Bitcoin
Significantly, this announcement follows Vanguard’s earlier statement that it would not permit the purchase of spot Bitcoin ETFs on its platform.
The spot Bitcoin ETFs became available on January 11, coinciding with Vanguard’s announcement that it would not participate.
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This decision surprised many in the crypto community, especially considering that Blackrock – the largest investment management firm in the U.S. – has been actively seeking approval for a spot Bitcoin ETF.
Blackrock was among the 11 firms whose applications received approval from the United States Securities and Exchange Commission (SEC).
In a discussion with the Wall Street Journal, Vanguard remarked that “products do not align with our offer focused on asset classes.”
Vanguard has gained notoriety for its anti-crypto stance. In September 2021, it published a comprehensive article outlining its views on cryptocurrencies.
The article concluded that the firm believes the “long-term investment case for cryptocurrencies is weak.”
While the market has eagerly anticipated spot Bitcoin ETFs for years, this enthusiasm has not been reflected in the coin’s price.
As per Coinstats, BTC was trading at $42,825.53 at the time of reporting, with a market capitalization of $839 billion.
BTC Price Chart | Source: Coinstats
The cryptocurrency has experienced a price decline of over 7 percent in the last 24 hours, while the seven-day chart indicates a drop of more than 3 percent.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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