The CEO of The Vanguard Group, Tim Buckley, continues to oppose Bitcoin exchange-traded funds (ETFs) despite facing criticism and inquiries about the firm’s plans. In a recent video published by Vanguard, Buckley expressed concerns about including Bitcoin ETFs in retirement investment plans due to the asset’s volatility. He also questioned Bitcoin’s status as a store of value, highlighting its significant decline during the stock market crash of 2022. While Bitcoin reached an all-time high in 2021, it experienced a sharp decline in 2022. Despite customer inquiries, Buckley stated that the firm will not change its stance unless the asset class changes. Vanguard previously announced its decision not to offer spot Bitcoin ETFs to its customers after the US Securities and Exchange Commission’s approval of 11 such ETFs. This decision faced pushback from existing customers, including Coinbase’s senior engineering manager, who stated that they would move their investments to Fidelity. Despite not offering crypto products, Vanguard has significant indirect exposure to Bitcoin as the second-largest institutional holder of MicroStrategy.
Vanguard's CEO, despite facing inquiries, remains firm in his opposition to Bitcoin ETF