jakiro
Author: Jack Inabinet, Bankless; Compilation: Wuzhu, Bitchain Vision
TradFi asset management giant Vanguard Group announced Tuesday night that it has selected former BlackRock executive Salim Ramji as its next CEO.
Exclusive news points:
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IBIT Participation:Ramji served as global head of BlackRock’s iShares ETF division until he left the company in January to “seek new leadership or entrepreneurial opportunities outside the company.”During his tenure, Ramji oversees the launch of BlackRock iShares Bitcoin Trust (IBIT) spot Bitcoin ETF.
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Vanguard’s resistance:While many of the leading asset managers launched spot Bitcoin ETF products and deals in January, Vanguard has been holding on to boycott.The company said it does not believe that Bitcoin plays any role in its long-term portfolio.
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Hope of change:The order was surprised by many as Ramji’s IBIT participation contrasts with Vanguard’s anti-BTC tendency, but also sparks optimism that the change of executives may indicate that the asset manager is changing its previous cryptocurrencystand and become more open to this idea.
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Dreams are broken:Unfortunately, Vanguard still believes that BTC is not a solid long-term investment.Ramji said in an interview with Barron’s magazine that consistency in the company’s products is very important and that Vanguard’s failure to provide BTC products is consistent with its investment philosophy.
Author’s view:
If the change of Vanguard CEO heralds the arrival of a new crypto-enabled attitude, the announcement would indicate that institutions (or at least Vanguard) have developed a stronger interest in BTC’s investment potential.As Ramji’s appointment did not change anything, there seemed to be no information from the announcement except confirming that Pioneer Group would stick to the end.
