- Vanguard is still strongly anti-crypto, with the CEO Tim Buckley sitting down and explaining the rationale for his company’s stance.
- The team essentially believes Bitcoin is too risky to sit in a long-term portfolio.
- Additionally, Buckley was hot on referring to Bitcoin as a speculative asset.
Shocking news: anti-crypto company remains anti-crypto.
Vanguard, the world’s second-largest financial institution (by assets under management) has refused to join the ETF party, even amid the major success of rivals BlackRock and Fidelity.
Related: Bitcoin ETFs Hit Record $1bn Daily Inflows
The business has maintained a stubborn “crypto is too risky” stance ever since Jan 10th’s approval of Bitcoin ETFs. The investment managers even went one step further and pulled pre-existing crypto-related products they were offering, just to prove their point. And in a video published last weekend, Vanguard’s outgoing CEO Tim Buckley (no, not the prolific singer/songwriter), doubled down on this stance.
Bitcoin is “Speculative” Buckley Says (For the Thousandth Time)
If there’s one thing both crypto lovers and sceptics can agree on, it’s that calling Bitcoin “speculative” is getting pretty old. It’s been a favoured criticism of the digital currency market since forever, and at this point is more overplayed than [insert popular radio song]. But that didn’t stop Tim Buckley from recycling old content when quizzed about his opinions on Bitcoin on the weekend. Specifically, he discussed how the stock markets failure in early 2022 correlated with a similar downturn in BTC.
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.
Tim BuckleyRelated: Landmark Ruling: Judge Declares Craig Wright is Not Satoshi Nakamoto
Of course, not to be unoriginal, Buckley went on to explain – in a very unique way – why Vanguard was refusing to offer a Bitcoin ETF. (Hint: he uses the “S”-word).
We don’t believe [a Bitcoin ETF] belongs in a long-term portfolio of someone saving for their retirement…
Tim BuckleyWait for it…
It’s a speculative asset.
Tim Buckley
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