Crypto News – Tim Buckley, CEO of Vanguard Group, has steadfastly opposed Bitcoin ETFs in spite of consumer backlash and persistent questions concerning the company’s intentions to sell them.
Tim Buckley Bitcoin ETF Stance: Vanguard CEO Still Against ETFs
Buckley issued a warning against incorporating Bitcoin ETFs into retirement investment portfolios because of the asset’s volatility in a recent Vanguard video.
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.
Buckley
Additionally, Buckley said that Bitcoin‘s worth as a store of wealth is dubious, citing the fact that Bitcoin fell precipitously along with the stock market during the 2022 crash.
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,
Buckley
Users React to Vanguard
When asked when the investing firm may start selling spot Bitcoin ETFs to its clients, Buckley said that the company is determined to stick to its position “unless the asset class changes.” Vanguard swiftly declared its intention to stop providing the product to its clients after the U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETFs on January 10.
No plans to offer Vanguard Bitcoin ETFs or other crypto-related products,
the company
Many of the company’s present customers, particularly those in the Bitcoin industry, were against the change.
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