On December 3, the price of Bitcoin surged sharply on Tuesday, December 3, briefly breaking through the $92,000 mark. This came after reports that global asset management giant Vanguard would allow investors to trade BlackRock's spot Bitcoin ETF.

William Stern, founder of Cardiff, stated in an email: "We just got word that the anti-crypto fortress—Vanguard—has finally opened its doors to spot Bitcoin ETFs. When the world's second-largest asset manager shifts from 'critic' to 'distributor,' it sends a signal to every financial advisor in America: the coast is clear. The market is racing ahead of the flood of capital about to pour in."

Brian Huang, co-founder of fintech company Glider, also commented on the matter. In an email, he said: "Overnight there was a bombshell announcement: Vanguard will now allow crypto ETFs to be traded on its platform. They have long been one of the main opponents of cryptocurrencies, but now they're shifting away from the old investment mindset. They want to protect their clients, but it’s now clear that the demand for digital asset investment outweighs the risks as they perceive them."

He also highlighted recent developments at Bank of America, which recently indicated it is open to clients including cryptocurrencies in their portfolios. Chris Hyzy, Chief Investment Officer for Merrill and Bank of America Private Bank, stated: "For investors who are highly interested in thematic innovation and can tolerate greater volatility, a modest allocation of 1% to 4% of a portfolio to digital assets may be appropriate."

Brian Huang described this as "yet another giant announcement," emphasizing that "despite the price movements, institutional adoption has not slowed." He also pointed out that Bitcoin could face further short-term declines, noting: "The recent pain may not be over yet. Venture capitalists like Chris Burniske, founder of Placeholder, have said that Bitcoin only gets interesting below $75,000." But he added: "In the long term, it seems everyone agrees that Bitcoin will inevitably reach $150,000—it's just a matter of time."

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