Future

Bitcoin ETF

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/vanguard-imposes-bitcoin-etf-embargo/" data-wpel-link="internal">Vanguard Imposes Bitcoin ETF Embargo</a> 
The world’s largest asset managers have queued up for spot <a href="https://en.coin-turk.com/uncovering-the-impact-of-bitcoin-miner-sales-on-market-dynamics/" data-wpel-link="internal">Bitcoin</a> ETFs, and Grayscale’s court victory has helped them achieve their goals. However, one of the remaining trillion-dollar giants has chosen to go against its previous strategy and impose an embargo on its customers. 
<h2 style="text-align: justify" id="vanguard-bitcoin-embargo">Vanguard Bitcoin Embargo</h2> 
The cumulative volume of spot Bitcoin ETFs surpassed $3 billion in about 3 hours. However, investors who believe a significant portion of this volume came from profitable liquidations of GBTC positions caused an early peak with their sell-offs. The BTC price turned downward after nearly surpassing $49,000, now sitting at $46,200. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-301361 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/Vanguard-ETF.png" alt="" width="819" height="304"> 
The recent bad <a href="https://newslinker.co/" data-wpel-link="exclude">news</a> came from Vanguard, a $7 trillion asset manager that previously allowed its customers to purchase GBTC. The company is now advising against and even preventing its customers from buying spot Bitcoin ETFs. Tony Spencer expressed his surprise with the following statements while trying to confirm the allegations; 
<blockquote> 
 “Wow. The situation is worse than I thought. I called and the answer I got was, ‘We do not allow the purchase of these because they do not fit Vanguard’s investment philosophy.’ 
 Me: ‘But you allowed me to buy GBTC in the past.’ 
 They: ‘Yes, I guess you can only sell now.’” 
</blockquote> 
On the other hand, a Vanguard customer service representative stated that Bitcoin ETFs are not available on their platform because they are “highly speculative,” “unregulated,” and do not fit the company’s long-term investment philosophy. 
<blockquote> 
 “We do not have plans to offer Vanguard Bitcoin ETFs or other crypto-related products – our longstanding view is that the high volatility of cryptocurrencies is contrary to our goal of helping investors achieve positive real returns over the long term.” 
</blockquote> 
This is bad news, and if Vanguard can maintain its stance and garner support against these ETF issuers with over $20 trillion in assets, spot Bitcoin ETFs may not have as bright a start as expected. 
<h2 style="text-align: justify" id="the-future-of-spot-bitcoin-etfs">The Future of Spot Bitcoin ETFs</h2> 
Not yet, but soon retirement funds around the world may be able to issue BTC-indexed products. GBTC is the product here because it obtained many of its permissions during the trust phase before others. Along with people who have savings accounts and no direct connection to crypto through stock platforms, they will be able to safely get acquainted with BTC. 
Exchanges, especially after the FTX collapse, are scaring investors. Using decentralized wallets is complex, and you need to be as alert as walking on a tightrope to avoid being hacked. For cautious investors, ETFs are the safest way to enter into crypto. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/vanguard-imposes-bitcoin-etf-embargo/" data-wpel-link="internal">Vanguard Imposes Bitcoin ETF Embargo</a></h5>

Vanguard Imposes Bitcoin ETF Embargo

Table of Contents

COINTURK NEWS

Other articles published on Jan 11, 2024

Hedera and Algorand Forge Alliance for Decentralized Wallet Recovery

Spot Ethereum ETF May See Green Light in May, Boosts ETH Price

Crypto Price Analysis: BTC Holds Steady as ETH, XRP, ADA, SUI Shine

VirtuWorld Presents Exciting New Features in the Metaverse

University of Camagüey Pioneers Advancements in AI and Technology in 2023

Ethereum (ETH) Jumps 11.4%, Here's How Whales Are Changing Game

Join our free newsletter for daily crypto updates!