- Tim Buckley said that Vanguard has no plans to launch a spot bitcoin-ETF on its platform.
- The company’s CEO called the first cryptocurrency a questionable savings vehicle.
- Bitcoin’s volatility prevents it from being considered as a long-term investment, Buckley noted.
Vanguard Group CEO Tim Buckley rejected the proposal to list spot bitcoin-ETFs on the platform. Despite the stance of competitors who have opened up access to this asset class, the entrepreneur has no intention of offering it to clients.
A video was released on the company’s website in which Buckley, along with the firm’s chief investment officer Greg Davis, explain their stance on cryptocurrency ETFs. Vanguard executives said it is a speculative asset that is not suitable for allocation in a long-term portfolio.
Buckley called bitcoin a questionable savings vehicle and reiterated that there are no plans to offer spot bitcoin ETFs to clients. According to him, the first cryptocurrency is prone to high volatility. He cautioned people against including the digital asset in their retirement investment portfolio.
As an example of the “problematic” side of bitcoin, the Vanguard CEO cited a market crash in 2022. The mentioned period is associated with a drop in the price of the first cryptocurrency from $69,000 to $16,000.
Earlier, the company’s clients threatened a boycott because of Vanguard’s refusal to provide access to spot bitcoin ETFs. They said they would close their accounts and transfer their assets to other firms that give the opportunity to buy shares of cryptocurrency ETFs.
Recall, we wrote that Vanguard owns shares of bitcoin miners worth $560 million.
