"we do not currently believe that there is an appropriate role for [crypto] to play in long-term portfolios"

Vanguard on why they do not plan to offer a BTC ETF or related products.

"The easy step for us would have been just to allow full access to crypto-related products. But as a firm and a brokerage platform, we're purposely structured to meet the needs of our investor-owners, most of whom are long-term, buy-and-hold investors"

If they did any research on the BTC blockchain, they would find that the vast majority of BTC users are long-term HODLers.

"Over just the past three years, the price of bitcoin has increased by as much as 150% and declined by as much as 77%. Double-digit percent price drops are routine among cryptocurrencies. Remember that you need a 100% return just to make up for a 50% decline."

As if traditional assets like stocks can't do exactly the same. Except that with those you will need a double-digit gain every year just to beat inflation. Just take a look at the price of the S&P500 in BTC. This is what they are telling you is in your best interests to do with your money.