- Vanguard, the second-largest investment management firm in the US, has banned the purchase of all crypto products, including Bitcoin futures ETFs.
- The company cited its focus on serving the needs of long-term investors as the reason for the ban.
- This move comes after Vanguard previously announced that it would not allow the purchase of spot Bitcoin ETFs.
- The cryptocurrency market has responded negatively to the news, with Bitcoin prices falling by over 7% in the past 24 hours.
Vanguard bans all crypto
In a major blow to the cryptocurrency industry, Vanguard has announced that it will no longer allow the purchase of any crypto products, including Bitcoin futures ETFs. The company made the announcement in a statement to Axios, saying that it is “focusing on offering a core set of products and services consistent with our commitment to serve the needs of long-term investors.”
This move is a significant setback for the cryptocurrency industry, as Vanguard is a major player in the investment world. The company’s decision to ban crypto products could lead to other large institutions following suit, making it more difficult for individual investors to access crypto markets.
Vanguard’s decision to ban crypto products is likely based on a number of factors, including the volatility of the cryptocurrency market, the lack of regulatory clarity, and the potential for fraud. The company has also stated that it does not believe that cryptocurrencies offer a strong long-term investment case.
The cryptocurrency market has reacted negatively to the news of Vanguard’s ban. Bitcoin prices fell by over 7% in the past 24 hours, and other major cryptocurrencies also saw significant declines. The ban is likely to further dampen investor sentiment in the cryptocurrency market.
Conclusion
Vanguard’s ban on crypto products is a significant development that will have a ripple effect throughout the cryptocurrency industry. The move could make it more difficult for individual investors to access crypto markets and could further hurt investor sentiment. Only time will tell what the long-term implications of this decision will be.
Prim