Vanguard Chief Executive Officer Tim Buckley has once again reiterated the investment giant’s stance against the adoption of spot Bitcoin ETF. In a video release also featuring the company’s Chief Investment Officer Greg Davis, Buckley highlighted reasons backing Vanguard’s decision to be a non-partaker in the bubbling Bitcoin ETF market.

Bitcoin Too Volatile, Not Worthy Of Long-Term Investment: Vanguard Boss

According to Buckley, Vanguard has been receiving numerous inquiries on the potential of the company finally offering a spot Bitcoin ETF. This development is quite unsurprising following the company’s prominent anti-crypto stance, which draws much attention due to its status as the second-largest asset manager in the world. 

Following the historic approval of spot Bitcoin ETFs on January 10 by the US Securities and Exchange (SEC), Vanguard, alongside fellow investment firm Merrill Lynch were two major financial players to deny access to these novel investment funds inviting much criticism from their customers and industry figures such as Ark Invest’s CEO Cathie Wood. 

Explaining Vanguard’s stance against offering Bitcoin ETFs, Buckley stated that the cryptocurrency operated as a speculative asset unsuitable for long-term investment and not in tandem with the company’s investment model. In buttressing this point, the Vanguard boss made reference to Bitcoin’s decline following a crash in the stock markets. 

Buckley said: 

Something like bitcoin is just too volatile and it’s not a store of value. It hasn’t been and it’s very volatile. 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.

The Vanguard CEO also stated that they preferred to invest in assets with tangible “underlying cash fl

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Author: Semilore Faleti

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