In a recent interview, Mortimer J. Buckley, CEO of Vanguard, restated the company’s position against offering spot Bitcoin exchange-traded funds (ETFs), expressing concerns about the offering’s suitability for long-term portfolios.
In the interview, Buckley talks about whether its company will be providing the Bitcoin ETFs or not and says, “ We are not gone change our mind around this, unless the asset class changes.”
He also gave an explanation on the not offering Bitcoin ETFs as “it does not belong in a long-term portfolio” and it’s “not a store of value.”
The cryptocurrency sector is still growing quickly despite Vanguard’s refusal to sell spot Bitcoin ETFs, as more big participants enter the market.
Cryptocurrency investor Charles Edwards predicts Bitcoin could reach $280,000 with the upcoming April halving, factoring in the supply shock and recent approval of Bitcoin ETFs, ultimately setting a conservative near-term target of $300,000.
Despite Buckley’s skepticism on Bitcoin ETFs, BlackRock’s iShares Bitcoin ETF (IBIT) set a new trading record, surpassing $3.9 billion volume on March 14 amidst a 6% Bitcoin price drop.
Also Read: SEC Eyes Options for Bitcoin ETF Trading
