Turnaround. The new CEO of the giant investment fund Vanguard is pro bitcoin.
The revenge of bitcoin
Vanguard made waves in January when it refused to let its clients invest in Bitcoin ETFs launched by BlackRock, Fidelity and others.
The fund said at the time that bitcoin “did not fit his investment philosophy”...
Funny when we know that its clients could previously invest in the GBTC Bitcoin Trust (now transformed into an ETF). Even more disturbing, Vanguard subsequently blocked investments into GBTC, only offering the option to sell.
This suspicious decision strongly contributed to the massive outflows of the GBTC ETF which spoiled the launch of the eleven ETFs in January.
A month later, Vanguard thanked its anti-bitcoin CEO Tim Buckley. So it's not good to oppose bitcoin.
His replacement will be Salim Ramji. This is the first time Vanguard has hired an outsider as CEO. As a symbol, the latter previously led BlackRock's global ETF business.
Mr. Ramji therefore oversaw the filing of BlackRock's Bitcoin ETF. In other words, Vanguard clients will certainly be able to invest in bitcoin very soon.
Knowing that Vanguard manages $7.7 trillion. The only fund in the world with more assets under management is BlackRock. We must therefore expect several billion dollars to participate in the bull run very soon.
Here is an interview with the new CEO of Vanguard about bitcoin conducted before the launch of the Bitcoin ETFs:
It's probably only a matter of time before every investment fund adds a pinch of bitcoin, or even more, to their portfolios.
Pension funds turn orange
Pension funds are investment funds specific to capitalization retirement. This is the retirement savings tool.
And good news, the 9th largest pension fund in the United States has just taken the plunge. The State Wisconsin Investment Board has just revealed that it has invested nearly $100 million in bitcoin through BlackRock's IBIT ETF.
SWIB is thus the first public institution to take shares in a Bitcoin ETF. This is an important step in integrating Bitcoin into traditional investment portfolios.
“Pension funds are probably the hardest investors to convince”said Eric Balchunassenior ETF analyst at Bloomberg Intelligence.
Pension funds are “very demanding”. “They have access to everything and it usually takes a while before they take the bait.”declared Mr. Balchunas who compares the arrival of pension funds to taking a “sailfish”.
“The fact that they took the bait so quickly bodes well and is due to the fact that the IBIT ETF has become very liquid in such a short period of time”he added.
“Thousands of U.S. pension funds manage approximately $27 trillion in assets. They're all going to need Bitcoin”declared Michael Saylor for his part.
Added to all this is the launch of ETFs in Asia, Hong Kong, as well as Australia. Even the largest European BNB Paribas invests in BlackRock's Bitcoin ETF!
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Click here to join 'Read to Earn' and turn your passion for crypto into rewards!
