Former Blackrock Leader Becomes Vanguard CEO


(MENAFN- eTrendy Stock) One of the world's leading investment
firms, Vanguard, has made a buzz across the crypto
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community following BlackRock's appointment of Salim Ramji, the former leader of Bitcoin
ETF
, as its new Chief Executive Officer (CEO).

BlackRock's Ramji Becomes Vanguard's Fifth CEO

In a recent X post, Bloomberg's senior ETF
analyst, Eric Balchunas, revealed that Vanguard had welcomed Salim Ramji, the brain behind the launch of BlackRock's IBIT in January, onto its board.

The collaboration surprises many as Vanguard is known for its consistent opposition against Bitcoin
. Despite shunning Bitcoin
ETF
s multiple times, Vanguard's Board of Directors has named the overseer of BlackRock's ETF
business as the company's fifth CEO.

A Shift in Vanguard's Bitcoin
Stance?

Effective July 8, Salim Ramji will take over from Tim Buckley, Vanguard's current chairman and CEO, as he awaits his retirement. This shift in leadership has raised debates about whether Vanguard will continue to oppose Bitcoin
.

Vanguard's Bitcoin
rejection is assumed to have been fuelled by Buckley's stance on the ecosystem. Buckley had recently expressed the belief that spot Bitcoin
ETF
s are unsuitable for long-term and retirement investment
plans due to their price valuation.

According to him, Vanguard will only consider Bitcoin
as a trusted investment
option if it“changes as an asset class,” noting that BTC's value is questionable due to its massive drop from an all-time high of $69,000 in 2021 to under $16,000 during the 2022 stock market
crash.

Even with Ramji's strong fate in crypto
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currencies and the ETF
ecosystem, whether Vanguard's crypto
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stance will still be influenced is still being determined. Eric expressed his curiosity on the matter, saying,

“....Salim Ramji oversaw the filing and logistics for $IBIT and he has been quoted about his interest in digital assets altho I'm not sure that's going to change Vanguard's stance but hell he will be the CEO. Who knows.. Door much more open now IMO.”

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