Bitcoin ETF

Bitcoin

<ul>
 <li>The action has been deemed “terrible” by Ark Invest founder Cathie Wood.</li>
 <li>Vanguard has maintained its firm position on not offering Bitcoin ETF trading.</li>
</ul>
The U.S SEC’s approval of the Bitcoin ETF was a watershed decision. Having said that, <a href="https://www.vanguard.com/" target="_blank" rel="noopener noreferrer nofollow">Vanguard</a> has maintained its firm position on not offering Bitcoin ETF trading. This action has been deemed “terrible” by Ark Invest founder <a href="https://thenewscrypto.com/cathie-wood-led-ark-invest-dumps-remaining-grayscale-gbtc-shares/" target="_blank" rel="noopener noreferrer nofollow">Cathie Wood</a>.
Ark Invest CEO Cathie Wood has criticized Vanguard for their unwillingness to engage with digital assets. According to Wood’s interview with Yahoo Finance, Vanguard’s decision to exclude Bitcoin ETFs from its client portfolios is a “terrible” move. She went on to say that investors would be denied access to history’s first worldwide decentralized monetary system by Vanguard, among other things.
<h3 class="wp-block-heading" id="h-major-client-churn">Major Client Churn</h3>
The <a href="http://sec.gov" target="_blank" rel="noopener noreferrer nofollow">SEC</a> recently approved 11 spot Bitcoin ETFs in the U.S, one of which is ARK 21Shares led by Cathie Wood. Earlier, Vanguard had stated its intention to avoid cryptocurrency investments. Brokerage services offered by Vanguard do not include bitcoin futures products, and the company does not participate in spot bitcoin exchange-traded funds.
A spokesperson from Vanguard has already explained to Axios that this decision is in line with the company’s overall strategy. Major client churn occurred when Vanguard maintained its “no crypto” stance. Due to Vanguard’s strict restriction, many consumers were closing their accounts and moving to other brokerage companies that do provide exposure to Bitcoin ETFs.
Many people took to social media to express their disapproval of Vanguard’s decision. The fact that the platform of the financial giant does not provide bitcoin products was a source of frustration for many. Many <a href="http://bitcoin.org" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> proponents have also requested that friends and acquaintances move their 401(k) funds from Vanguard to rival firms like <a href="https://thenewscrypto.com/fidelity-investments-resubmits-updated-application-for-spot-bitcoin-etf/" target="_blank" rel="noopener noreferrer nofollow">Fidelity</a>.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/franklin-templeton-prioritizes-customer-results-post-bitcoin-etf-approval/" target="_blank" rel="noopener noreferrer nofollow">Franklin Templeton Prioritizes Customer Results Post Bitcoin ETF Approval</a>

Ark Invest’s Cathie Wood Slams Vanguard Over Bitcoin ETF Snub

Table of Contents

TheNewsCrypto

Other articles published on Jan 14, 2024

Bitcoin traders are scaling back their optimistic stance as the deadline for a potential approval...

Bitcoin’s Potential Trajectory: Historical Parallels with Gold ETF Launch

Experts advise to buy Bonk, Retik Finance and Pepe to turn your $10 to $200

Dogecoin Price Surge: $1 Target This Month?

Watch Out: New Week Has Plenty of Economic Developments and Altcoin Events – Here’s a Day-by-Day,...

Top Altcoins to Buy January 14: SOL, TON, AR

Join our free newsletter for daily crypto updates!