# Does Vanguard's New Bitcoin Bull CEO Signal Shift?

*Author: Jack Inabinet*
*Published: May 15, 2024*
*Source: https://www.bankless.com/does-vanguards-new-bitcoin-bull-ceo-signal-shift*

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TradFi asset management giant Vanguard Group announced Tuesday night that it has selected former BlackRock executive Salim Ramji as its next CEO.

### **What’s the scoop?**
- **IBIT Involvement:** Ramji was the global head of BlackRock’s iShares ETF division until January of this year when he left to “seek a new leadership or entrepreneurial opportunity outside the firm.” During his tenure, Ramji oversaw the launch of BlackRock’s iShares Bitcoin Trust (IBIT) spot BTC ETF.
- **Vanguard Resistance:** While many leading asset managers launched spot BTC ETF products and trading in January, Vanguard has been a holdout. The firm [stated](https://corporate.vanguard.com/content/corporatesite/us/en/corp/articles/no-bitcoin-etfs-at-vanguard-heres-why.html) that it does not believe Bitcoin plays any role in a long-term portfolio.
- **Hope for Change:** The appointment surprised many, given how Ramji’s IBIT involvement starkly contrasts against Vanguard’s anit-BTC bend, but seeded optimism that the hiring could signal the asset manager was backpedaling on its prior stance and becoming more open towards the idea of crypto.
- **Shattered Dreams:** Unfortunately, Vanguard remains steadfast in its belief that BTC is not a sound long-term investment. Ramji asserted in an [interview](https://www.barrons.com/articles/vanguard-salim-ramji-strategy-7283a283?mod=bol-social-tw) with Barrons that it is important for firms to have consistency in their offerings, and that Vanguard’s failure to offer BTC products is consistent with its investment philosophy.

### **Bankless Take:**
Had the replacement of Vanguard’s CEO heralded in the arrival of a refreshed pro-crypto attitude, the announcement would have been an indication that institutions (or at least Vanguard) have taken a more serious interest in BTC’s investment potential. With Ramji’s appointment changing nothing, there appears little to be gleaned from the announcement other than confirmation that Vanguard is staying the course.

> In January Vanguard REMOVED the Bitcoin ETFs from its platform and made an announcement that it was “anti crypto”A month later the CEO stepped downNow a former BlackRock executive who is PRO-CRYPTO & helped with BlackRocks Bitcoin ETFs has become the CEO of this $7.7 TRILLION… [pic.twitter.com/3NVj0RKdPj](https://t.co/3NVj0RKdPj)— borovik (@3orovik) [May 14, 2024](https://twitter.com/3orovik/status/1790515496548278515?ref_src=twsrc%5Etfw)
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