{"id":256998,"date":"2024-03-01T07:47:45","date_gmt":"2024-03-01T02:17:45","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=256998"},"modified":"2024-03-01T07:47:45","modified_gmt":"2024-03-01T02:17:45","slug":"vanguard-ceo-to-retire-but-firm-unlikely-to-change-anti-crypto-stance-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/vanguard-ceo-to-retire-but-firm-unlikely-to-change-anti-crypto-stance-crypto-news\/","title":{"rendered":"Vanguard CEO to retire but firm unlikely to change anti-crypto stance – Crypto News"},"content":{"rendered":"
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Vanguard CEO Tim Buckley announced he will retire at the end of the year<\/a>, but his departure is unlikely to shift the firm\u2019s stance toward Bitcoin<\/a> and crypto products.<\/p>\n

The company is seeking replacements from both internal and external candidates. It has also promoted its Chief Investment Officer (CIO), Greg Davis, to the position of President.<\/p>\n

Vanguard recently attracted attention over its decision to not support spot Bitcoin exchange-traded funds (ETFs). Buckley expressed the firm\u2019s stance in October 2023,<\/a> stating in a CNBC interview at the time that he does not believe crypto has any intrinsic value.<\/p>\n

Vanguard and its CEO have long been a critic of crypto and Bitcoin. Buckley made similar statements to CNBC in 2018<\/a>, at which time he said that Vanguard would never offer a Bitcoin fund.<\/p>\n

Anti-Bitcoin stance extends across Vanguard<\/h2>\n

Though Buckley expressed those views, it seems that the company\u2019s attitude toward spot Bitcoin ETFs and related products is unlikely to change alongside its leadership as the sentiment is upheld by other executives in the firm.<\/p>\n

Two of the firm\u2019s executives \u2014 \u2014 Janel Jackson, Global Head of ETF Capital Markets and Broker and Index Relations, and Andrew Kadjeski, Head of Brokerage & Investments \u2014 explained the firm\u2019s reasoning in a Jan. 24<\/a> note to investors<\/p>\n

Jackson wrote that Vanguard sees crypto as \u201cmore of a speculation than an investment\u201d because it lacks maturity as an asset class and has no economic value or cash flow. She also warned that crypto can \u201ccreate havoc within a portfolio.\u201d<\/p>\n

Meanwhile, Kadjeski said that Bitcoin\u2019s volatility makes crypto trading tempting to investors, but Vanguard\u2019s strategy is to focus on long-term investments and savings.<\/p>\n

The executives also revealed that Vanguard has no plans to launch its own Bitcoin ETF or to offer existing crypto-related products on its brokerage.<\/p>\n

Vanguard\u2019s CIO and soon-to-be President, Greg Davis, has been less negative about the industry in the past and called blockchain \u201cquite compelling\u201d in 2022. He also revealed that the investment firm uses blockchain technology to receive certain index data.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Vanguard CEO Tim Buckley announced he will retire at the end of the year, but his departure is unlikely to shift the firm\u2019s stance toward Bitcoin and crypto products. The company is seeking replacements from both internal and external candidates. It has also promoted its Chief Investment Officer (CIO), Greg Davis, to the position of […]<\/p>\n","protected":false},"author":2,"featured_media":256999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-256998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/256998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=256998"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/256998\/revisions"}],"predecessor-version":[{"id":257001,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/256998\/revisions\/257001"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/256999"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=256998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=256998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=256998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}