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Bitcoin more ‘baseball card than asset class’: Vanguard – The Australian Financial Review
The world’s second-largest asset manager has revealed a sceptical view on cryptocurrencies, saying they are too risky to include in long-term investment portfolios….
The comments stand in stark contrast to those of Financial Services Minister Jane Hume, who last week shocked the market by describing cryptocurrencies as an asset class and not a fad.
Vanguards position also differed notably from competitors such as VanEck which views cryptocurrencies as a commodity akin to digital gold and is in a race with local fund managers BetaShares and Cosmos Capital to list the first cryptocurrency-backed ETF on the Australian Securities Exchange.
Asked if Vanguard Australia…
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