Summary
- Global asset manager Vanguard said it still regards Bitcoin (BTC) as a 'speculative digital toy'.
- Vanguard allowed trading of virtual asset ETFs and related mutual funds on its platform, but said its investment philosophy regarding Bitcoin has not changed.
- It said it reaffirmed its existing negative stance of not viewing Bitcoin as a core asset class.
Global asset manager Vanguard said it still maintains a skeptical view of Bitcoin (BTC).
On the 12th (local time), Bloomberg reported that Vanguard characterized Bitcoin as a "speculative digital toy whose intrinsic value is unclear (speculative digital toy)", questioning its suitability as a long-term investment asset.
However, Vanguard has allowed trading of virtual asset (cryptocurrency) exchange-traded funds (ETFs) and some virtual asset-related mutual funds on its investment platform starting this month. The company explained that "this is merely a measure to respect customer choice, and it does not mean our investment philosophy regarding Bitcoin has changed."
Vanguard has maintained a negative stance toward Bitcoin and cryptocurrencies overall, citing excessive volatility and difficulty in estimating intrinsic value. This statement is also interpreted as reaffirming the existing stance of not viewing Bitcoin as a core asset class, separate from expanding customer access.
JH Kim
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