Tim Buckley Stands Firm Against Bitcoin ETFs

Tim Buckley argues that Bitcoin is not suitable for long-term portfolios, lacking fundamental cash flow and being merely a speculative asset.

Tim Buckley, chairman of the board and chief executive officer of investment banking colossus Vanguard, has reaffirmed that his company will not participate in the spot Bitcoin exchange-traded fund market.

Buckley claims that his organization has received many inquiries regarding the prospective timing of spot Bitcoin exchange-traded funds. Even so, they were reportedly queried when the organization might reassess the product.

With a proviso, the chief executive officer of Vanguard reaffirmed the organization’s stance regarding exchange-traded funds (ETFs) that invest in spot Bitcoin.

Tim Buckley’s Criteria

A change in Bitcoin’s asset class, according to Tim Buckley, is the only circumstance in which Vanguard might consider entering the spot Bitcoin ETF market. “It does not belong in a long-term portfolio,” and “it is not a store of value,” according to the CEO.

Vanguard holds this view regarding Bitcoin exchange-traded funds. Buckley continued by stating that Bitcoin, due to its lack of fundamental cash flow, is merely a speculation asset.

Since what seems like an eternity ago, Vanguard has maintained a steadfast stance against cryptocurrencies. Vanguard unequivocally declared its no-vote for BlackRock and Grayscale Investments shortly after the eleventh-ranked Bitcoin ETFs were approved by the U.S. SEC.

To accentuate their position, the investment management firm excluded Bitcoin futures contracts from its brokerage services.

The speculative and unregulated nature of the cryptocurrency industry is one of the justifications provided by Vanguard. As was noted, these attributes contradict the organization’s present long-term investment strategy.

In addition to its apprehension towards Bitcoin, Vanguard does not intend to offer any additional high-risk products.