I’m hearing similar stories from people at Merrill Lynch and Citi, can any Americans confirm if this is the case?
Seems like a GameStop 2.0 situation if these companies are only allowing sell orders from GBTC but not allowing people to buy.
pull down to refresh
I'm not at all surprised.
Vanguard, Citi, Merrill Lynch, Edward Jones, UBS according to Steven Lubka. Probably just a compliance thing with the quick listing after approval. Maybe not vanguard, apparently they don't consider Bitcoin a fit in their investing philosophy. Feel free to degen trade 3x levered etfs though.
strange that GBTC selling is perfectly fine but buying isn’t approved, wouldn’t it make sense to enable both at the same time?
Isn't that the same thing they did with gamestop. Feel free to sell but no buying for you. It's a great advertisement for Bitcoin to be honest. Thanks Vanguard.
now Vanguard is saying they won’t offer these ETFs due to volatility
#384975
No products that might go up 200% in a year for you. Stick with this nice index fund that doesn't keep up with "real inflation".
crazy stance for the company to adopt. they’re shooting themselves in the foot.
I had some Vanguard ETF's. I will be selling ALL of them today on this disturbing news.
https://y.yarn.co/aacd137d-583b-481b-b8db-d703010e84fd_text.gif
Based on my conversations with friends that are wealthy about bitcoin I have my doubts that we are going to see the millionaire class's investment advisors telling them to get into these ETFs. This is not a popular opinion but I think it is going to take some time for tradfi bros to see the value of bitcoin. I think a lot of money is gonna flow into these ETFs but I'm not sure it is gonna happen as quickly as many seem to believe.
The SEC approving these is a signal to advisors that they need to get up to speed on bitcoin. Now, I have my doubts about the advice they will give but the ETFs are a signal to tradfi to pay attention to BTC.
Now I have heard tradfi folks say they know billionaires that are gonna ape in but I don't think the low level rich are gonna jump in right away.
Huge volume so far but could but wall street traders playing with the new toy.
I'm no expert. I could be way off on the impact but I don't think I'm wrong about investment advisors. At least the small ones.
https://m.stacker.news/11884
Have had conversations yesterday & today with 3 different companies, hearing similar things so far.
Stack while you can.
Uptake will slow, then sudden.
https://m.stacker.news/11819
This is what I'm expecting.
When my friends with wealth talk about bitcoin they always say their advisors say it is very risky(volatile). I always agree. It is very volatile. I advise them to do some research and let me know if they have questions or wanna learn more. I don't think people should invest their life force in things they don't understand. I also add that I am a strong believer in BTC long term but do your own research.
looks like it’s not an isolated incident
view on twitter.comupdate: Vanguard claims Bitcoin’s high volatility is bad for generating long-term returns
#384975
Vanguard capitulation will be the top signal for this bull cycle.
van·guard [ˈvanɡɑːd] NOUN vanguard (noun) · vanguards (plural noun) a group of people leading the way in new developments or ideas: "the experimental spirit of the modernist vanguard" a position at the forefront of new developments or ideas: "the prototype was in the vanguard of technical development"
For fiat investments Vanguard is the best place by far. They're the pioneers of aligning incentives with investors and eschewing high fees and profits. That being said they are ultra conservative and will never be the place for the hot new thing by design. For boring old index funds there is no place better. For bitcoin you should self custody anyway, so to me this is a non event.
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