Bitcoin Falls Below $90,000 As Vanguard Exec Struggles With Bitcoin Value
Bitcoin dropped below $90,000 following the Fed's rate cut, amid skepticism from a Vanguard executive.Summary
The price of Bitcoin fell back toward $90,000, stabilizing around $90,600 after briefly spiking above $93,000, despite the U.S. Federal Reserve implementing a widely anticipated 25-basis-point rate cut. Analysts attributed the decline to a "sell the fact" reaction, as Fed Chair Jerome Powell's cautious remarks tempered enthusiasm for risk assets.
Adding to market dynamics, Vanguard Group began allowing clients to trade spot Bitcoin ETFs, though senior leadership remains skeptical. John Ameriks, Vanguard’s global head of quantitative equity, stated that Bitcoin is better viewed as a speculative collectible, like a "digital Labubu," because it lacks income, compounding potential, and cash-flow generation—key attributes for long-term investments.
Meanwhile, other financial institutions are increasing crypto integration; PNC Bank started offering direct spot Bitcoin trading to Private Bank clients via Coinbase’s infrastructure, and Bank of America advised wealth management clients to allocate 1% to 4% of portfolios to digital assets.
(Source：Bitcoin Magazine)