由於波動性和投機擔憂，Vanguard 未推出比特幣 ETF

2024 年 1 月，SEC 批准推出現貨比特幣 ETF，標誌著加密貨幣產業的重要里程碑。儘管這些 ETF 取得了成功，但著名資產管理公司 Vanguard 由於擔心比特幣的波動性和現金流不足而放棄參與，這與其長期投資策略不符。

Vanguard Abstains from Bitcoin ETF Launch Amid Concerns Over Volatility and Speculation

由於對波動性和投機的擔憂，Vanguard 放棄推出比特幣 ETF

Washington, D.C. - In a groundbreaking development, the Securities and Exchange Commission (SEC) granted approval for spot Bitcoin exchange-traded funds (ETFs) in January 2024. These ETFs have witnessed tremendous success since their inception, attracting over $10 billion in net inflows. Notably, several prominent asset management companies, including BlackRock (IBIT) and Fidelity Investments (FBTC), have embraced these ETF offerings.

華盛頓特區- 美國證券交易委員會(SEC) 於2024 年1 月批准了現貨比特幣交易所交易基金(ETF)，這是一項突破性進展。億美元的淨流入。值得注意的是，包括 BlackRock (IBIT) 和 Fidelity Investments (FBTC) 在內的幾家著名資產管理公司已經接受了這些 ETF 產品。

However, Vanguard, the world's second-largest asset manager and ETF provider, has conspicuously remained absent from the Bitcoin ETF market. This decision has raised eyebrows, given the significant profit potential presented by these ETFs.

然而，全球第二大資產管理公司和 ETF 供應商 Vanguard 卻明顯缺席比特幣 ETF 市場。鑑於這些 ETF 帶來的巨大利潤潛力，這項決定引起了人們的注意。

Vanguard CEO Tim Buckley has provided insights into the company's decision to forgo Bitcoin ETF offerings. During a Vanguard webcast in March 2024, Buckley expressed reservations about Bitcoin's suitability as an investment asset.

Vanguard 執行長 Tim Buckley 就該公司放棄比特幣 ETF 產品的決定提供了見解。在 2024 年 3 月的 Vanguard 網路廣播中，巴克利對比特幣作為投資資產的適用性表示保留。

"Something like Bitcoin is just too volatile and it's not a store of value. It hasn't been, and it's very volatile," Buckley remarked. "When stocks got hammered in the recent crisis, Bitcoin went right with them. And so it is speculative. Really tough to think about how it belongs in a long-term portfolio."

「像比特幣這樣的東西太不穩定了，它不是一種價值儲存手段。它不是，而且非常不穩定，」巴克利說。 “當股市在最近的危機中遭受重創時，比特幣也跟著下跌。因此它具有投機性。很難思考它如何屬於長期投資組合。”

Buckley highlighted Vanguard's preference for ETFs that invest in assets with fundamental cash flows, such as stocks and bonds. According to Buckley, this approach facilitates more accurate future value modeling and provides greater stability within client portfolios. In contrast, Bitcoin's lack of cash flow generation and high volatility make it a less compatible asset for Vanguard's investment strategy.

巴克利強調了先鋒集團對投資於具有基本現金流的資產（例如股票和債券）的ETF的偏好。巴克利表示，這種方法有助於更準確地建模未來價值，並在客戶投資組合中提供更大的穩定性。相較之下，比特幣缺乏現金流產生和高波動性使其成為先鋒集團投資策略較不相容的資產。

Vanguard's decision is not entirely dismissive of Bitcoin ETFs. Janel Jackson, global head of ETF capital markets at Vanguard, stated that "while the discussion about Bitcoin and cryptocurrencies, in general, has increased recently, we do not currently believe that there is an appropriate role for them to play in long-term portfolio."

Vanguard 的決定並非完全對比特幣 ETF 不屑一顧。 Vanguard ETF 資本市場全球主管 Janel Jackson 表示，「雖然最近關於比特幣和加密貨幣的討論總體上有所增加，但我們目前認為它們在長期投資組合中沒有發揮適當的作用」。

Jackson's use of the term "currently" suggests that Vanguard is monitoring the evolution of cryptocurrencies as potential long-term investments. Bitcoin's rising popularity and expanding use cases could potentially lead to a reassessment of its viability within Vanguard's investment offerings.

傑克森對「當前」一詞的使用表明先鋒集團正在監控加密貨幣作為潛在長期投資的演變。比特幣的日益普及和不斷擴大的用例可能會導致先鋒集團重新評估其投資產品的可行性。

However, given Vanguard's cautious stance toward cryptocurrencies in general, it is unlikely that the company will embrace Bitcoin ETFs in the near future.

然而，鑑於先鋒集團對加密貨幣的整體謹慎立場，該公司不太可能在不久的將來接受比特幣 ETF。