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Del Stafford

Del Stafford

Del Stafford, CFA — Principal and Head of Advice & Wealth Solutions at Vanguard; 30+ years in financial services including roles leading iShares and alternative portfolio solutions at BlackRock.

Jun 23, 2026

3:38
view, Del?
3:39
So when we think about alternatives, just simply, you know, the S&P 500 has a market cap of 60, 70 trillion.
3:46
You compare that, gold has a market cap of, call it 15 trillion.
3:51
That's actually larger than the FTSE 100. right, which is the UK stock market.
3:56
And so when something gets that large, then it becomes a question of how.
4:00
Are they too big to ignore? And are they more accessible now than they were previously? Over time, you would expect that something that is non-core today may actually be considered core theoretically in the future.
4:13
And that could happen just purely due to accessibility.

8 MINS LATER

11:46
Of course, the return that we have seen, even after the fall, like if you have held Bitcoin for the last 10 years, it would have paid off, no question, right? Now, the question I would tell that investor to ask themselves is that, is basically, do you think that that will continue? So I was discussing before with gold, there has to be a view, a conviction on what drives the value of that currency or the cryptocurrency in this case forward and make sure that that's kind of proportional to the risk you're taking, right?

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