Vanguard Refuses to Offer Bitcoin ETF

Vanguard, one of the world's largest asset managers, has refused to offer its clients access to a Bitcoin ETF. The company believes that cryptocurrency is an "immature asset class" that does not align with its philosophy.

Jenel Jackson, Vanguard's head of ETF markets and brokerage, said that cryptocurrencies lack a long history, intrinsic economic value, or cash flow. She also said that they can create chaos in a portfolio.

Jackson emphasized that Vanguard has a rigorous process for approving new products. The company prioritizes long-term investment benefits and client needs.

Despite growing interest in Bitcoin and cryptocurrencies, Vanguard does not believe that they are suitable for inclusion in portfolios.

Vanguard's decision to refuse a Bitcoin ETF was a surprise to many investors. The company is a major player in the asset management industry, and its decision could have an impact on the cryptocurrency market.

On January 10, the U.S. Securities and Exchange Commission (SEC) approved applications for the launch of spot Bitcoin ETFs from 11 issuers, including BlackRock and Fidelity. On the heels of the product launches, the price of Bitcoin surpassed $48,000. However, within two days, it fell below $43,000 and then below $40,000.