Vanguard is set for a leadership transition, as CEO Tim Buckley announced his retirement at the end of the year. But the new leader likely won’t change Vanguard’s unconvinced view on Bitcoin and crypto.
Vanguard has consistently expressed reservations about offering crypto-related investments, with Buckley himself being a vocal critic. In October 2023, he stated that he does not believe crypto has any intrinsic value. In a recent video, he cautioned against including Bitcoin ETFs in retirement investment plans due to the asset’s volatile nature.
While Buckley’s departure may seem like an opportunity for a potential policy shift, Vanguard’s anti-Bitcoin sentiment extends across the firm.
In a note to investors on Jan. 24, executives Janel Jackson and Andrew Kadjeski reiterated the company’s reasoning, citing crypto’s speculative nature, lack of economic value, and potential to create portfolio volatility.
Jackson and Kadjeski also confirmed that Vanguard has no plans to launch its own Bitcoin ETF or offer existing crypto-related products on its platform. This stance was further solidified when Vanguard swiftly announced its decision not to provide spot Bitcoin ETFs following the SEC’s approval of 11 such products in January.
While incoming President Greg Davis has expressed more open views on blockchain technology in the past, calling it “quite compelling” and acknowledging its use within Vanguard, his stance on crypto investments remains unclear.
Also Read: MicroStrategy, Led by Michael Saylor, Reap Rewards of $4.68 Billion Bitcoin Investment
