Vanguard, the world's second-largest asset management company, adopts a bullish stance, while Bank of America advises interested investors to allocate 1%-4% to digital assets

Bitcoin surged sharply on Tuesday, December 3, topping $92,000—driven by news that Vanguard, the world’s second-largest asset manager, will let investors trade Belldex’s Bitcoin spot ETF on its platform. Cardiff founder William Stern said in an email: “We just learned that Vanguard—once a staunch anti-crypto holdout—has finally opened its doors to Bitcoin spot ETFs. As the world’s second-biggest asset manager shifts from ‘critic’ to ‘distributor,’ it’s sending a clear signal to U.S. financial advisors: the coast is clear. Markets are actively front-running the imminent wave of capital inflows.” Glider fintech co-founder Brian Huang also weighed in, calling the news a “blockbuster overnight development.” “Vanguard was one of crypto’s staunchest opponents,” he noted. “They sought to protect clients, but it’s now clear demand for digital asset exposure outweighs their perceived risks.” Huang highlighted Bank of America’s latest shift too: the firm recently signaled openness to clients adding crypto to portfolios. BofA Private Bank CIO Chris Hyzy stated: “For investors interested in thematic innovation and able to handle higher volatility, a moderate 1-4% portfolio allocation to digital assets may be appropriate.” Calling this “another giant’s announcement,” Huang emphasized: “Despite price swings, institutional adoption isn’t slowing down.” He added Bitcoin could face further short-term declines, citing Placeholder VC Chris Burniske’s view that the token is “only interesting below $75,000.” Still, he noted: “Long-term, everyone agrees Bitcoin will hit $150,000 eventually—it’s just a matter of time.”