{"id":11684,"date":"2024-03-18T12:54:53","date_gmt":"2024-03-18T10:54:53","guid":{"rendered":"https:\/\/forklog.com\/en\/vanguard-ceo-warns-against-bitcoin-etfs-citing-assets-speculative-nature\/"},"modified":"2024-03-18T12:54:53","modified_gmt":"2024-03-18T10:54:53","slug":"vanguard-ceo-warns-against-bitcoin-etfs-citing-assets-speculative-nature","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/vanguard-ceo-warns-against-bitcoin-etfs-citing-assets-speculative-nature\/","title":{"rendered":"Vanguard CEO Warns Against Bitcoin ETFs Citing Asset&#8217;s Speculative Nature"},"content":{"rendered":"<p>Tim Buckley, CEO of investment giant Vanguard, remains opposed to spot exchange-traded funds (ETFs) based on the leading cryptocurrency due to the asset&#8217;s volatile nature. He expressed this view in a <a href=\"https:\/\/investor.vanguard.com\/investor-resources-education\/news\/vanguards-perspective-on-bitcoin-etfs#modal-transcript\">video address<\/a> to clients.  <\/p>\n<p>Buckley cautioned against including Bitcoin ETFs in retirement investment portfolios, labeling the coin as &#8220;speculative.&#8221; <\/p>\n<p>In his view, digital gold as a savings vehicle is questionable:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;When the stock market suffered during the crisis, Bitcoin went along with it. Therefore, it is speculative. It&#8217;s really hard to think about how it can be included in a long-term portfolio.&#8221;<\/p>\n<\/blockquote>\n<p>Despite Vanguard clients&#8217; desire to trade Bitcoin ETFs, Buckley remains unwilling to add the instrument unless &#8220;the asset class itself changes.&#8221; <\/p>\n<p>In January, he <a href=\"https:\/\/forklog.com\/en\/news\/vanguard-labels-bitcoin-as-an-immature-asset-class\">described<\/a> the crypto market as &#8220;immature&#8221; and not aligned with the company&#8217;s philosophy. <\/p>\n<p>Following the <a href=\"https:\/\/forklog.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">approval of 11 spot<\/a> Bitcoin ETFs, Vanguard adopted a negative stance towards crypto funds. The company did not allow clients to purchase these products despite numerous requests. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?NEW: <a href=\"https:\/\/twitter.com\/Vanguard_Group?ref_src=twsrc%5Etfw\">@Vanguard_Group<\/a>, the world\u2019s second largest asset manager behind <a href=\"https:\/\/twitter.com\/BlackRock?ref_src=twsrc%5Etfw\">@BlackRock<\/a>, is reportedly blocking its customers from buying into the new <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> Spot ETFs, saying the products \u201cdon\u2019t fit with Vanguard\u2019s investment philosophy.\u201d <\/p>\n<p>Now we\u2019ll start to see how institutional\u2026 <a href=\"https:\/\/t.co\/LmZodeYyad\">https:\/\/t.co\/LmZodeYyad<\/a><\/p>\n<p>\u2014 Eleanor Terrett (@EleanorTerrett) <a href=\"https:\/\/twitter.com\/EleanorTerrett\/status\/1745500261290836260?ref_src=twsrc%5Etfw\">January 11, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Senior technical manager at Coinbase, Yuga Cohler, announced he would transfer his $401,000 savings to Fidelity. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I have 8 years worth of 401K savings at <a href=\"https:\/\/twitter.com\/Vanguard_Group?ref_src=twsrc%5Etfw\">@Vanguard_Group<\/a> from my time as an employee at Google.<\/p>\n<p>I will be rolling over these funds to <a href=\"https:\/\/twitter.com\/Fidelity?ref_src=twsrc%5Etfw\">@Fidelity<\/a>.<\/p>\n<p>Vanguard&#8217;s paternalistic blocking of Bitcoin ETFs does not fit in with my investment philosophy. <a href=\"https:\/\/t.co\/eKmgo0xK5h\">https:\/\/t.co\/eKmgo0xK5h<\/a><\/p>\n<p>\u2014 yuga.eth ? (@yugacohler) <a href=\"https:\/\/twitter.com\/yugacohler\/status\/1745544705272648073?ref_src=twsrc%5Etfw\">January 11, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Vanguard&#8217;s paternalistic blocking of Bitcoin ETFs does not fit in with my investment philosophy,&#8221; Cohler added.<\/p>\n<\/blockquote>\n<p>Bitcoin enthusiast Neil Jacobs <a href=\"https:\/\/twitter.com\/NeilJacobs\/status\/1745482313322930221\">announced<\/a> the closure of his account with the management company, calling the firm&#8217;s policy a &#8220;terrible business decision.&#8221; The mass exodus of clients was also noted by Bitcoin Archive.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Vanguard refuses to let customers buy <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> ETFs with their own money.<\/p>\n<p>So customers are closing their accounts\u203c\ufe0f <a href=\"https:\/\/t.co\/11o1tOHR9S\">pic.twitter.com\/11o1tOHR9S<\/a><\/p>\n<p>\u2014 Bitcoin Archive (@BTC_Archive) <a href=\"https:\/\/twitter.com\/BTC_Archive\/status\/1745529396968948076?ref_src=twsrc%5Etfw\">January 11, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Meanwhile, Vanguard is somewhat reliant on Bitcoin, as it is the <a href=\"https:\/\/finance.yahoo.com\/quote\/MSTR\/holders\/?guccounter=1&#038;guce_referrer=aHR0cHM6Ly9jb2ludGVsZWdyYXBoLmNvbS8&#038;guce_referrer_sig=AQAAABaKrETyA30w3GezbPuA5Om_lpOVZCQvQC6Xlf-w0r3YZGDIVVf4aAT5qnlxV_qY62uO-Rg4kxLOCLhMj006RaZQrt7ZRhLBNJHIEOnRmRLgD04Qu5lWBkRDrkwS2593m5rcqNzVzosMRHRl4S7qPUCe5bNgO92qvkyHe6amhaah\">second-largest<\/a> institutional holder of MicroStrategy shares, worth over $2 billion. <\/p>\n<p>On March 12, net inflows into spot exchange-traded funds based on the leading cryptocurrency reached a record $1.05 billion.<\/p>\n<p>Bloomberg analyst Eric Balchunas stated that the addition of Bitcoin ETFs by major platforms and the approval of options based on them will become &#8220;powerful catalysts&#8221; for demand by the end of the year.  <\/p>\n<p>MicroStrategy founder Michael Saylor noted the rapid adoption of digital gold among institutions thanks to exchange-traded funds. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tim Buckley, CEO of investment giant Vanguard, remains opposed to spot exchange-traded funds (ETFs) based on the leading cryptocurrency due to the asset&#8217;s volatile nature. He expressed this view in a video address to clients. Buckley cautioned against including Bitcoin ETFs in retirement investment portfolios, labeling the coin as &#8220;speculative.&#8221; In his view, digital gold [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,569,1228],"class_list":["post-11684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-etf","tag-vanguard"],"aioseo_notices":[],"amp_enabled":true,"views":"46","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11684","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=11684"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11684\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/11683"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=11684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=11684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=11684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}