Bitcoin 
Ethereum 
XRP 
Tether 
Solana 
BNB 
Dogecoin 
Cardano 
USDC 
Lido Staked Ether 
TRON 
Avalanche 
Toncoin 
Shiba Inu 
Stellar 
Wrapped stETH 
Chainlink 
Polkadot 
Wrapped Bitcoin 
Hedera 
Sui 
Bitcoin Cash 
WETH 
Litecoin 
NEAR Protocol 
Uniswap 
LEO Token 
Pepe 
Aptos 
Wrapped eETH 
Internet Computer 
POL (ex-MATIC) 
USDS 
Cronos 
VeChain 
Artificial Superintelligence Alliance 
Ethena USDe 
Ethereum Classic 
Algorand 
Render 
Bittensor 
Filecoin 
Arbitrum 
Kaspa 
MANTRA 
Aave 
Dai 
Cosmos Hub 
Fantom 
Stacks 
Vanguard Chief Executive Officer Tim Buckley has once again reiterated the investment giant’s stance against the adoption of spot Bitcoin ETF. In a video release also featuring the company’s Chief Investment Officer Greg Davis, Buckley highlighted reasons backing Vanguard’s decision to be a non-partaker in the bubbling Bitcoin ETF market.
Bitcoin Too Volatile, Not Worthy Of Long-Term Investment: Vanguard Boss
According to Buckley, Vanguard has been receiving numerous inquiries on the potential of the company finally offering a spot Bitcoin ETF. This development is quite unsurprising following the company’s prominent anti-crypto stance, which draws much attention due to its status as the second-largest asset manager in the world.
Following the historic approval of spot Bitcoin ETFs on January 10 by the US Securities and Exchange (SEC), Vanguard, alongside fellow investment firm Merrill Lynch were two major financial players to deny access to these novel investment funds inviting much criticism from their customers and industry figures such as Ark Invest’s CEO Cathie Wood.
Explaining Vanguard’s stance against offering Bitcoin ETFs, Buckley stated that the cryptocurrency operated as a speculative asset unsuitable for long-term investment and not in tandem with the company’s investment model. In buttressing this point, the Vanguard boss made reference to Bitcoin’s decline following a crash in the stock markets.
Buckley said:
Something like bitcoin is just too volatile and it’s not a store of value. It hasn’t been and it’s very volatile. 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.
The Vanguard CEO also stated that they preferred to invest in assets with tangible “underlying cash flow” similar to stocks or bonds, a criteria they believe Bitcoin does not currently meet. In all, Buckley restated the investment company’s decision to abstain from spot Bitcoin ETF barring a change in the cryptocurrency’s asset class.
Bitcoin ETF Demand Surges On
Amidst Vanguard’s conservative stance, some other asset managers have embraced spot Bitcoin ETFs, recognizing as they look to offer diverse investments catering to all their client’s unique needs. Most recently, San Diego based financial firm Cetera announced the adoption of four BTC ETFs as part of investment options.
Furthermore, Patient Capital, a $1.8 Billion asset manager, has petitioned the SEC for approval to convert up to 15% of its holdings to Bitcoin ETFs. These developments are highly exciting for the crypto community as the launch of spot Bitcoin ETFs was expected to drive up institutional demand for the crypto’s largest asset.
So far, the spot Bitcoin ETFs have put on a stunning performance gaining a total net flow of $11.95 billion over the last two months of trading. Meanwhile, Bitcoin is currently trading at $69,260.35 as the crypto market leader attempts a market rebound following a price correction in the last two days.
BTC trading at $69,185 on the weekly chart| Source: BTCUSDT on Tradingview.com
Featured image from The Economic Times, chart from Tradingview.com
