Vanguard’s departing CEO maintains opposition to Bitcoin ETF, despite ongoing inquiries

Despite facing criticism and inquiries about offering Bitcoin exchange-traded funds (ETFs), Tim Buckley, the CEO of The Vanguard Group, remains staunchly opposed to the idea. In a recent video published by Vanguard, Buckley warned against including Bitcoin ETFs in retirement investment plans due to the volatile nature of the asset. He also cast doubt on Bitcoin’s status as a store of value, citing its significant decline during the stock market crash of 2022. Buckley stated that it is challenging to envision Bitcoin belonging in a long-term portfolio due to its speculative nature. In 2021, Bitcoin reached an all-time high of over $69,000, but in 2022, it experienced a sharp decline, dropping to under $16,000. Despite inquiries about when Vanguard might offer spot Bitcoin ETFs, Buckley emphasized that the firm’s stance will not change unless the asset class itself undergoes significant changes. Vanguard was quick to announce its decision not to offer spot Bitcoin ETFs to customers after the U.S. Securities and Exchange Commission approved 11 such ETFs. This decision faced pushback from existing customers, with some considering moving their investments to other platforms such as Fidelity. Although Vanguard does not offer a crypto product, it still holds significant indirect exposure to Bitcoin as the second-largest institutional holder of MicroStrategy, with an 8.24% stake in the company.