Investing Giant Vanguard Blocks Access to Spot Bitcoin ETFs
Investing giant Vanguard has reaffirmed its anti-bitcoin and anti-crypto policy by disallowing investors from accessing spot bitcoin exchange-traded funds (ETFs) that were recently approved by the U.S. Securities and Exchange Commission (SEC). Additionally, Vanguard has announced that it will no longer accept the purchase of cryptocurrency products, including bitcoin futures ETFs.
Cathie Wood Criticizes Vanguard's Decision
CEO of Ark Invest, Cathie Wood, has strongly criticized Vanguard's decision, describing it as "a terrible mistake" and "a strategic blunder." Wood believes that Vanguard is underestimating the potential of new financial rails and the transformative power of bitcoin and blockchain technology.
Vanguard's Stance on Bitcoin ETFs
Vanguard's spokesperson stated that spot bitcoin ETFs will not be available for purchase on their platform, and they have no plans to offer Vanguard bitcoin ETFs or other crypto-related products. The firm believes that these products do not align with their focus on asset classes such as equities, bonds, and cash, which they consider as the foundation of a well-balanced, long-term investment portfolio.
Cathie Wood's Perspective
Cathie Wood strongly disagrees with Vanguard's decision and argues that they are disregarding the potential of bitcoin and blockchain technology. She believes that these innovations will remove friction from the financial system and provide a more efficient monetary policy and system. Wood emphasizes that investors who stay with Vanguard will be deprived of the opportunity to participate in the first global, decentralized, private, and rules-based monetary system in history.
Share Your Thoughts
What are your thoughts on Vanguard's anti-bitcoin and anti-crypto stance? Do you agree with Cathie Wood's criticism? Let us know in the comments section below.
Frequently Asked Questions
Is it a good retirement strategy to buy gold?
Although buying gold as an investment might not sound appealing at first, when you look at the average annual gold consumption worldwide, it is worth looking into.
The best form of investing is physical bullion, which is the most widely used. However, there are many other ways to invest in gold. It is best to research all options and make informed decisions based on your goals.
If you don’t need a safe place for your wealth, then buying shares of mining companies or companies that extract it might be a better alternative. If you require cash flow, gold stocks can work well.
You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.
Should You Open a Precious Metal IRA?
Precious metals are not insured. This is the most important fact to know before you open an IRA account. It is impossible to get back money if you lose your investment. This includes all investments that are lost to theft, fire, flood, or other causes.
You can protect yourself against such losses by purchasing physical gold and silver coins. These items can be lost because they have real value and have been around for thousands years. These items are worth more today than they were when first produced.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
Do not open an account unless you're ready to retire. Don't forget the future!
What is the cost of gold IRA fees
An Individual Retirement Account (IRA) fee is $6 per month. This includes the account maintenance fees and any investment costs associated with your chosen investments.
If you want to diversify, you may be required to pay extra fees. These fees will vary depending upon the type of IRA chosen. Some companies offer free check accounts, but charge monthly fee for IRA accounts.
A majority of providers also charge annual administration fees. These fees can range from 0% up to 1%. The average rate is.25% each year. These rates are usually waived if you use a broker such as TD Ameritrade.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options? Types, Spreads, Example, and Risk Metrics
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement account
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
irs.gov
How To
The History of Gold as an Asset
From the ancient days to the early 20th Century, gold was a common currency. It was universally accepted due to its purity and divisibility, beauty, scarcity, and durability. Due to its value, it was also internationally traded. There was no international standard for measuring gold at that time, so different weights and measures were used around the world. For example, one pound sterling in England equals 24 carats; one livre tournois equals 25 carats; one mark equals 28 carats; and so on.
In the 1860s the United States began issuing American currency made up 90% copper (10% zinc) and 0.942 gold (0.942 pure). This led to a decrease of demand for foreign currencies which in turn caused their prices to rise. The United States began minting large quantities gold coins at this time, which led to a drop in the price. Because the U.S. government had too much money coming into circulation, they needed to find a way to pay off some debt. They decided to return some of the gold they had left to Europe.
Many European countries didn't trust the U.S. dollars and started to accept gold for payment. Many European countries started to accept paper money as a substitute for gold after World War I. The gold price has gone up significantly in the years since. Even though the price fluctuates, gold is still one of best investments.
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