Vanguard CEO Tim Buckley is resisting customer pressure to offer a spot Bitcoin ETF despite several of the firm’s competitors already offering them.

Vanguard Group's CEO, Tim Buckley, remains steadfast in his opposition to Bitcoin exchange-traded funds (ETFs), despite facing criticism and inquiries about the firm's potential plans to offer them.

In a recent video released by Vanguard, Buckley cautioned against including Bitcoin ETFs in retirement investment portfolios due to the cryptocurrency's volatile nature.

"We don't see Bitcoin ETFs as suitable for long-term retirement savings portfolios. It's a speculative asset," Buckley emphasized.

He also questioned Bitcoin's status as a store of value, noting its correlation with the stock market crash of 2022, where it experienced a significant decline alongside traditional stocks.

"During the recent market turmoil, Bitcoin mirrored the performance of stocks, highlighting its speculative nature. It's challenging to justify its place in a long-term portfolio," Buckley explained.

While Bitcoin reached record highs in 2021, surpassing $69,000, it saw a sharp decline in 2022, dropping to under $16,000 amidst market turmoil fueled by the Federal Reserve's interest rate hikes.

Despite inquiries about when Vanguard might offer spot Bitcoin ETFs, Buckley reiterated the firm's stance, stating they won't change it "unless the asset class changes."

After the U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETFs, Vanguard swiftly announced its decision not to offer them, stating on Jan. 12 that they have "no plans" for such products.

Some existing customers, particularly those in the crypto industry, expressed disappointment. Coinbase's senior engineering manager, Yuga Cohler, announced his intention to transfer his Roth 401(k) savings from Vanguard to Fidelity, one of the approved spot Bitcoin ETF providers, citing Vanguard's "paternalistic blocking" of Bitcoin ETFs.

Despite its refusal to offer crypto products, Vanguard holds significant indirect exposure to Bitcoin, being the second-largest institutional holder of MicroStrategy.