Tim Buckley has made his stance on the Bitcoin spot ETF product clear and said it is not a better investment asset.
Bitcoin spot ETF products allow people to invest in Bitcoin on behalf of the ETF issuer. In January of this year, the US securities regulator, the SEC, approved 11 Bitcoin spot ETF applications, and many large companies and institutions are now purchasing Bitcoin through approved BTC ETF products. Despite the rapid growth in popularity of Bitcoin ETF products globally, many large fund managers have decided not to offer Bitcoin spot ETFs to their clients.
Recently, Tim Buckley, CEO of Vanguard, the world’s second-largest asset manager, explained the company’s position on Bitcoin in a new video clip.
Berkeley said it has received several inquiries regarding the possible approval of a Bitcoin spot ETF product.
The company’s CEO said Bitcoin is a highly volatile asset and therefore not a good store of value.
Many people find the company’s latest comments not entirely surprising, as the company has already delivered many negative comments about cryptocurrencies.
Vanguard also prioritized investments in financial assets that support real cash flow, such as equity assets and bonds.
bitcoin price action
Bitcoin’s current trading price is $65,131 and it is down 5.8% over the past 7 days.
According to some analysts, Bitcoin’s trading price is likely to fall further, falling below $60,000.
According to technical analysis of Bitcoin price before and after Bitcoin halving, Bitcoin is currently in the pre-halving danger zone where Bitcoin typically faces an average decline of 30%, but will surge 100% after that phase.
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