Vanguard refuses customer transactions for spot Bitcoin ETF
Asset management giant Vanguard has stated that they do not allow customers to trade spot Bitcoin ETFs because it is an immature asset class with little historical data, no intrinsic economic value, and no cash flow. It could potentially cause significant disruption in investment portfolios. Previously on January 15th, a spokesperson for Vanguard Group mentioned in an interview that besides being unable to purchase spot Bitcoin ETFs on the Vanguard platform, Vanguard will also no longer accept purchases of cryptocurrency products including Bitcoin futures ETFs. This change allows Vanguard Group to focus on providing a suite of core products and services in line with its commitment to meeting the needs of long-term investors.
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