Vanguard President Steps Down Over Bitcoin ETF Acceptance
Date: 2024-03-02 Author: Dima Zakharov Categories: IN WORLD
Tim Buckley, both chairman and CEO of investment giant Vanguard, is relinquishing his duties and plans to step down by the end of 2024, according to a statement released by the company. While Vanguard refrains from commenting on the reason for Tim Buckley's impending resignation, it acknowledges that under his leadership over the past thirty years, the company has significantly strengthened its position as a key player in the investment management sector.
However, anonymous sources close to the company's administration suggest that internal corporate disagreements, particularly regarding Buckley's conservative stance on Bitcoin ETFs and cryptocurrency investments in general, might be a probable cause for his resignation.
In late January, Vanguard confirmed its decision to abstain from investing in spot Bitcoin ETFs, branding the flagship cryptocurrency as an "immature" asset class that doesn't align with the company's philosophy. Meanwhile, rival financial giants such as BlackRock and Fidelity have been actively involved in launching new investment instruments.
The potential successor to Buckley could be Greg Davis, the current Chief Investment Officer at Vanguard. Buckley's impending departure and Davis's potential appointment have sparked speculations that the company might become more receptive to cryptocurrency investments and could reconsider its stance on Bitcoin ETFs.
Earlier, CoinShares experts reported that the average weekly inflow of investments into Bitcoin ETFs, amounting to over $598 million, has been sustained for the fourth consecutive week, surpassing $5.7 billion since the beginning of the year.
