Bitcoin ETF

Bitcoin

The Vanguard Group CEO, Tim Buckley, has maintained his strong opposition to Bitcoin exchange-traded funds (ETF) despite facing criticism from customers and ongoing inquiries about the firm’s plans to offer them.
In a recent video <a href="https://investor.vanguard.com/investor-resources-education/news/vanguards-perspective-on-bitcoin-etfs#modal-transcript" target="_blank" rel="noopener nofollow">published</a> by Vanguard, Buckley cautioned against including Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) ETFs in retirement investment plans due to the asset’s volatile nature.
<blockquote data-ct-non-breakable="true">
 “We don’t believe it belongs, like a Bitcoin ETF belongs in a long-term portfolio of someone saving for their retirement. It’s a speculative asset.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/7811c511-cf48-47f4-938f-6f9ee9af7110.png" alt="" title="">
 <figcaption style="text-align: center;">
 Buckley discusses his views on spot Bitcoin ETFs. Source: Vanguard
 </figcaption>
</figure>
Buckley also contended that Bitcoin as a store of value is questionable, pointing out that during the stock market crash of 2022, Bitcoin experienced a significant decline alongside it.
“When stocks got hammered in the recent crisis, Bitcoin went right with them. And so it is speculative. Really tough to think about how it belongs in a long-term portfolio,” he stated.
In 2021, Bitcoin reached an all-time high of over $69,000, <a href="https://cointelegraph.com/news/bitcoin-price-hits-70k-all-time-high-us-jobs-data-dollar">recently&nbsp;surpassed&nbsp;when it reached</a> $73,835. However, in 2022, Bitcoin experienced a sharp decline, dropping to under $16,000.&nbsp;
The S&amp;P 500 fell by 21% in the first half of 2022, with much of the blame placed on the United States Federal Reserve’s interest rate increases.
Despite inquiries about when the investment firm might offer spot Bitcoin ETFs to their customers, Buckley stated that the firm is adamant about not changing its stance “unless the asset class changes.”
Related: <a href="https://cointelegraph.com/news/wealth-manager-cetera-adds-spot-btc-etfs-platform-training">Wealth manager Cetera adds spot BTC ETFs to it platform, with training</a>
Following the U.S. Securities and Exchange Commission’s <a href="https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals">approval of 11 spot Bitcoin ETFs</a> on Jan. 10, Vanguard was quick to announce its decision not to offer the product to its customers.
On Jan. 12, Cointelegraph reported that Vanguard has ’“no plans to offer Vanguard Bitcoin ETFs or other crypto-related products.”
Existing customers, particularly those in the crypto industry, pushed back against the decision.
Coinbase’s senior engineering manager Yuga Cohler was among others who said he would be converting his Roth 401(k) <a href="https://cointelegraph.com/news/vanguard-investors-threaten-to-close-accounts-ban-spot-bitcoin-etfs">savings at Vanguard to Fidelity</a>, one of the approved spot Bitcoin ETF applicants.
“Vanguard’s paternalistic blocking of Bitcoin ETFs does not fit in with my investment philosophy,” Cohler stated on X.
However, even though the company has no intentions of offering a crypto product, it still has significant indirect exposure to Bitcoin, as it is the <a href="https://cointelegraph.com/news/vanguard-among-microstrategy-largest-shareholders-indirectly-exposed-bitcoin">second-largest institutional holder of MicroStrategy</a>.
On Jan. 12, Cointelegraph reported that Vanguard held an 8.24% stake in the company.
Magazine: <a href="https://cointelegraph.com/magazine/expect-records-broken-by-spot-bitcoin-etf-brett-harrison-ex-ftx-us-x-hall-of-flame/">Expect ‘records broken’ by Bitcoin ETF: Brett Harrison (ex-FTX US), X Hall of Flame</a>

Vanguard’s outgoing CEO sticks to anti-Bitcoin ETF stance, despite inquiries

Cointelegraph

Other articles published on Mar 16, 2024

Solana Rises 2.94% Amidst Other Coin Value Crashes

BEELaunchpad Unveils Exciting Benefits for BEES Token Holders!

Binance Futures Introduces Trading for New High-Hype Memecoin

5 Best Cryptocurrencies With 100x Potential in 2024 – Best Altcoins to Buy Now

Bitcoin SOPR Data Shows Major BTC Price Consolidation for March

Signs of an Emerging Altcoin Surge Detected by Market Analysts

Join our free newsletter for daily crypto updates!