We also have no plans to launch a Vanguard bitcoin ETF. Consistent with this position, Vanguard will no longer accept purchases and transfers-in of other cryptocurrency products. These products are not aligned with our longstanding focus on offering core building blocks for long-term investment portfolios to help clients meet goals such as retirement or saving for college.
Cryptocurrencies—the decentralized, peer-to-peer means of digital or virtual exchange—remain largely unregulated and are speculative and highly volatile. Unlike equities and bonds, they generally lack intrinsic economic value and do not generate cash flows like dividends and interest payments.
Our ongoing commitment is to align our products and services to best meet the long-term interests of our investors. The decision to not offer and support trading in cryptocurrencies follows precedent. In 2019, we decided that leveraged or inverse products could only be redeemed, not purchased, on our platform, after we deemed them to be risky short-term vehicles incompatible with our investment philosophy. Similarly, in 2019 and in 2022, we stopped accepting purchases and transfers-in of certain segments of the over-the-counter (OTC) market that were prone to high risk, low liquidity, and fraud.
Consistent with our mission, we want our investor-owners to have the best chance for investment success.1