2024-05-16
Vanguard, a prominent asset management company, has recently appointed Salim Ramji, a former executive of Blackrock known for his support of Bitcoin, as its new CEO.
With Ramji's previous involvement in the approval and launch of BlackRock's Bitcoin exchange-traded fund, industry experts speculate whether he will influence Vanguard's stance on Bitcoin or potentially pursue the creation of a Bitcoin ETF.
While some doubt Ramji's ability to introduce a Vanguard Bitcoin ETF, there is a belief that he may overturn the firm's policy of not allowing clients to purchase Bitcoin ETFs on its brokerage platform.
Bloomberg ETF analyst James Seyffart expressed this view, while also mentioning Ramji's positive remarks about Bitcoin and blockchain technology in the past.
Eric Balchunas, another Bloomberg analyst, echoed a similar sentiment, stating that Ramji's appointment has opened the door for potential changes.
Vanguard's decision to hire an external CEO like Ramji has surprised many, as it is the first time the company has made such a choice.
Ramji will take over from Tim Buckley, a long-time critic of Bitcoin, as Vanguard's CEO from July 8.
Vanguard had been searching for a new CEO since February, when Buckley announced his retirement plans.
Ramji, who played a crucial role in BlackRock's launch of the iShares Bitcoin Trust, left the company to explore new leadership opportunities.
The move by Vanguard not to offer spot Bitcoin ETFs on its brokerage platform earlier this year led to some of its longstanding customers considering closing their accounts.
Despite the backlash, Vanguard stood firm, stating that Bitcoin does not align with its investment philosophy, which focuses on asset classes such as equities, bonds, and cash.
