Vanguard CEO says Bitcoin is not a store of value

Tim Buckley clarified his stance on the Bitcoin spot ETF products and called it not a better investment asset.

Bitcoin spot ETF products allow people to invest in Bitcoin on behalf of the ETF issuers. In Jan of this year, the US Securities regulatory body SEC approved 11 Bitcoin spot ETF applications and in the present time, many big players & institutions are buying Bitcoin via these approved BTC ETF products. Despite the rapid increase in the popularity of Bitcoin ETF products across the world, many big fund managers decided not to offer Bitcoin spot ETFs for clients.

Recently Tim Buckley, the CEO of the world’s second-largest asset manager Vanguard, explained the company’s stance on Bitcoin through a new video clip. 

Buckley said that they received several enquiries regarding the potential approval of Bitcoin spot ETF products.

The company CEO said that Bitcoin is a highly volatile asset so it is not a good store of value. 

Many people consider this latest opinion by this company totally unsurprised, as they already passed many negative comments against cryptocurrencies.

Furthermore, Vanguard prioritised investment in those financial assets which are backed by the actual flow of cash e.g. stock assets & Bonds. 

Bitcoin price action

The current trade price of Bitcoin is $65,131 & this trade price is 5.8% down over the last 7 days.

According to some analysts, there are huge chances that the trade price of Bitcoin may face more downfall & may plunge below $60k. 

As per the technical analysis of the Bitcoin price around Bitcoin halving, Bitcoin is currently in the pre-halving danger zone where Bitcoin usually faces an average downfall of 30% but after that phase, it will pump by 100%. 

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