由于波动性和投机担忧，Vanguard 未推出比特币 ETF

2024 年 1 月，SEC 批准推出现货比特币 ETF，标志着加密货币行业的一个重要里程碑。尽管这些 ETF 取得了成功，但著名资产管理公司 Vanguard 由于担心比特币的波动性和现金流不足而放弃参与，这与其长期投资策略不符。

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

由于对波动性和投机的担忧，Vanguard 放弃推出比特币 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.

华盛顿特区 - 美国证券交易委员会 (SEC) 于 2024 年 1 月批准了现货比特币交易所交易基金 (ETF)，这是一项突破性进展。这些 ETF 自成立以来取得了巨大成功，吸引了超过 100 亿美元的净流入。值得注意的是，包括 BlackRock (IBIT) 和 Fidelity Investments (FBTC) 在内的几家著名资产管理公司已经接受了这些 ETF 产品。

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，全球第二大资产管理公司和 ETF 提供商 Vanguard 却明显缺席比特币 ETF 市场。鉴于这些 ETF 带来的巨大利润潜力，这一决定引起了人们的关注。

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 首席执行官 Tim Buckley 就该公司放弃比特币 ETF 产品的决定提供了见解。在 2024 年 3 月的 Vanguard 网络广播中，巴克利对比特币作为投资资产的适用性表示保留。

"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."

“像比特币这样的东西太不稳定了，它不是一种价值储存手段。它不是，而且非常不稳定，”巴克利说道。 “当股市在最近的危机中遭受重创时，比特币也跟着下跌。因此它具有投机性。很难思考它如何属于长期投资组合。”

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.

巴克利强调了先锋集团对投资于具有基本现金流的资产（例如股票和债券）的ETF的偏好。巴克利表示，这种方法有助于更准确地建模未来价值，并在客户投资组合中提供更大的稳定性。相比之下，比特币缺乏现金流产生和高波动性使其成为先锋集团投资策略不太兼容的资产。

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 的决定并非完全对比特币 ETF 不屑一顾。 Vanguard ETF 资本市场全球主管 Janel Jackson 表示，“虽然最近关于比特币和加密货币的讨论总体上有所增加，但我们目前认为它们在长期投资组合中没有发挥适当的作用”。

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.

杰克逊对“当前”一词的使用表明先锋集团正在监控加密货币作为潜在长期投资的演变。比特币的日益普及和不断扩大的用例可能会导致先锋集团重新评估其投资产品的可行性。

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，鉴于先锋集团对加密货币的总体谨慎立场，该公司不太可能在不久的将来接受比特币 ETF。