** Famously Conservative, Vanguard Adopts ETF and Sends Bitcoin Rebounding to US$93,000**
Bitcoin rebounded 7% to reach US$93,000 today, Wednesday (December 3rd) after Vanguard lifted its ban on Bitcoin exchange-traded funds (ETFs), just as the US stock market opened.
Bloomberg Senior ETF Analyst Eric Balchunas said this was the market's reaction to the opening of new doors in the crypto industry.
"I can tell you that I don't expect Vanguard to hold Bitcoin in 2025," he said.
Many conservative Vanguard investors were suddenly able to invest in Bitcoin ETFs like the iShares Bitcoin Trust (IBIT). Its trading volume rose to US$1 billion in just 30 minutes.
This is despite the investment firm's previous cautious stance on the fledgling asset.
This shows that even “traditional/conservative” investors are starting to make room for Bitcoin, which is a signal that crypto is becoming more “recognized” in mainstream portfolios.
