KEY POINTS
- Vanguard views crypto as "more of a speculation than an investment"
- Vanguard on crypto: "it's an immature asset class that has little history, no inherent economic value, no cash flow, and can create havoc within a portfolio'
- Jack Bogle delivered a stern warning in 2017, advising people to "avoid Bitcoin like the plague"
The introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States marked a significant milestone in the cryptocurrency market. However, Vanguard, renowned as the world's largest mutual fund issuer and the second-largest issuer of exchange-traded funds, drew considerable attention when it unequivocally declined to participate in the newly approved trusts. In a recent official statement, Vanguard offered a comprehensive explanation for its decision.
