BlockBeats News, December 3rd: Bitcoin’s price surged significantly on Tuesday, December 3rd, breaking through the $92,000 mark. Prior to this, there was news that the global major asset management company Vanguard would allow investors to trade Belldex’s Bitcoin spot ETF.
Cardiff’s founder, William Stern, said in an email, “We just got the news that the anti-crypto fortress – Vanguard – has finally opened the door to the Bitcoin spot ETF. As the world’s second-largest asset management company transitions from a ‘critic’ to a ‘distributor,’ this sends a signal to every financial advisor in the U.S.: the coast is clear. The market is actively front-running the imminent influx of capital.”
Brian Huang, co-founder of the fintech company Glider, also commented on the matter. In an email statement, he said, “An earth-shattering news came overnight that Vanguard will now allow trading of a crypto ETF on their platform. They have been one of the major opponents of cryptocurrency in the past, and now they are transitioning from old investment mindset. They wanted to shield their clients, but it is now apparent that the demand for digital asset investment outweighs the risk they perceived.”
He also highlighted the latest developments from Bank of America, which recently expressed an open attitude towards customers incorporating cryptocurrency into their portfolios. Chris Hyzy, CIO of Bank of America Private Bank, stated, “For investors with a strong interest in thematic innovations and who can tolerate higher volatility, a moderate allocation of 1% to 4% of the portfolio to digital assets may be appropriate.”
Brian Huang referred to this as “another giant’s announcement,” emphasizing that “despite the price action, institutional adoption is not slowing down.” He also suggested that Bitcoin could face further short-term declines, noting, “The recent pain may not be over yet, with venture capitalist figures like Placeholder’s Chris Burniske suggesting that Bitcoin is only interesting below $75,000.” However, he added, “in the long term, it seems everyone agrees that Bitcoin will inevitably reach $150,000 – it’s just a matter of time.”
