Vanguard Has No Plans To Offer Bitcoin ETFs

Bitcoin rose over A$100,000 this week as investors bet on the prospect of the Federal Reserve cutting U.S. interest rates and increased demand for crypto ETFs. Not all investment managers are aboard the Bitcoin train.

The recent introduction of spot bitcoin ETFs has been generating headlines and buzz in pockets of the industry. However, Vanguard said in a statement it does not have plans to create a Vanguard bitcoin ETF or other crypto-related products.

Vanguard said it won’t offer crypto-related products on its platform. The asset-management giant called Bitcoin “more of a speculation than an investment”.

Vanguard is one of the world’s largest investment management companies with more than 30 million investors worldwide investors.

Likes Blockchain

 While Vanguard has no interest in crypto products, it does have a lot of interest in blockchain, the technology behind cryptocurrencies.

That said, Vanguard said, “We believe its application to several other uses besides crypto will make capital markets more efficient, and we’ve been actively involved in research to use blockchain technology. “

Crypto miners leading the charge

Crypto mining and other digital currency industry Exchange Traded Funds (ETFs) led last week’s ETF price gains on the Australian Securities Exchange.

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