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## Vanguard Group CEO Maintains Strong Opposition to Bitcoin ETFs

In a recent video published by Vanguard, CEO Tim Buckley reiterated his firm’s staunch opposition to Bitcoin exchange-traded funds (ETFs) despite facing criticism from customers and ongoing inquiries about offering them. Buckley cautioned against including Bitcoin ETFs in retirement investment plans, citing the asset’s volatile nature and labeling it as a speculative asset.

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Buckley also questioned Bitcoin’s store of value proposition, noting its correlation with the stock market crash of 2022. He emphasized the challenges of considering Bitcoin in a long-term investment portfolio due to its speculative nature.

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In 2021, Bitcoin soared to an all-time high of $69,000, only to experience a sharp decline to $16,000 in 2022. This volatility, coupled with the S&P 500’s 21% drop in the first half of 2022, raised concerns about the role of Bitcoin in investment strategies.

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Despite customer inquiries about Vanguard’s plans to offer spot Bitcoin ETFs, Buckley reiterated the firm’s unwavering stance unless there are significant changes in the asset class. Vanguard’s decision not to offer spot Bitcoin ETFs following the SEC’s approval of 11 such products sparked pushback from existing customers in the crypto industry.

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Some customers, including Coinbase’s senior engineering manager Yuga Cohler, expressed dissatisfaction with Vanguard’s decision and opted to transfer their investments to other platforms offering spot Bitcoin ETFs. Despite Vanguard’s reluctance to offer crypto products, the firm has indirect exposure to Bitcoin through its significant stake in MicroStrategy.

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