Vanguard Appoints Pro-Bitcoin Manager as New CEO

In a surprise move, Vanguard, the second-largest asset manager in the world, has appointed Salim Ramji, a Bitcoin sympathizer, as its new CEO. Ramji previously oversaw the approval and launch of BlackRock's Bitcoin ETF before leaving the company in January. This marks the first time Vanguard has appointed an outsider as CEO.

The news has sent shockwaves through the cryptocurrency community, as it suggests a potential shift in Vanguard's stance on Bitcoin. The company had previously restricted its customers from accessing Bitcoin ETFs, sparking controversy. Other major US financial institutions, such as JPMorgan and Goldman Sachs, have also been skeptical of Bitcoin.

However, under Ramji's leadership, Vanguard may reconsider its stance on Bitcoin. Ramji has expressed enthusiasm for the technology behind Bitcoin and blockchain, stating that it is "something we are incredibly excited about." While it is unlikely that Vanguard will directly enter the Bitcoin ETF market, it is possible that the company will grant its customers access to existing BTC index funds in the future.

Several ETF experts, including Eric Balchunas, have expressed cautious optimism about the move. Vanguard's founder, John Bogle, had previously warned against Bitcoin, calling it "like the plague." However, it is understandable that the company's leadership should not be overly influenced by the views of its founder.

The appointment of Ramji as CEO sends a positive signal, indicating that Vanguard may be willing to reconsider its stance on Bitcoin. With Ramji at the helm, the company may be more open to exploring the cryptocurrency market.

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