During her recent appearance on Bloomberg TV, reporter Isabel Lee explained the potential shift of Vanguard towards cryptocurrencies, noting that it remains unclear whether the $11 trillion financial giant will ultimately offer cryptocurrency products on its platform.
"Not 'yes' yet, but it's no longer 'no' now," she said while commenting on her recent reports.
He reminded me how former Vanguard CEO Tim Buckley claimed that the company would never add bitcoin funds.
John Bogle, the late founder of the financial giant, had previously mentioned that bitcoin should be avoided "like the plague," noting that the value of the cryptocurrency depends entirely on the level of speculative demand.
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So, the fact that Vanguard is even considering changing its tone on cryptocurrencies is a significant shift.
He confirmed to me that Vanguard investors who wish to buy bitcoin ETFs do not want to use other platforms, and there is increasing demand for these products. The financial giant is now "opening the window" a bit.
Impact of the new CEO
As reported by U.Today, Selim Ramji, the new CEO of Vanguard, helped launch a bitcoin exchange-traded fund (IBIT) that has been very successful.
The stunning success of this product may now be very hard for BlackRock to ignore, prompting them to take this latest step.
I believe Ramji may have a role in this as he has expressed his openness to blockchain and bitcoin. "He is the first outsider to become the CEO of Vanguard…" as noted.
However, the new CEO of Vanguard had previously rejected the idea of launching a bitcoin exchange-traded fund shortly after his appointment.
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