A senior Vanguard executive this week likened Bitcoin to a speculative toy, even as the asset manager moved to allow clients to trade crypto-linked exchange-traded funds—underscoring continued skepticism toward digital assets despite recent national policy shifts.

According to a report by Bloomberg, John Ameriks, Vanguard’s global head of quantitative equity, said Bitcoin lacked the cash flow and compounding characteristics the firm sought in long-term investments. Speaking at Bloomberg’s ETFs in Depth conference in New York, Ameriks described the cryptocurrency as a “digital Labubu,” a reference to the viral plush collectibles.

“It’s difficult for me to think about Bitcoin as anything more than a digital Labubu,” Ameriks said, pointing to what he called an absence of clear evidence that the underlying blockchain technology delivers durable economic value.



Bitcoin has long drawn comparisons to speculative manias and collectibles, including Dutch tulip bulbs in the 17th century and Beanie Babies in the late 1990s. Critics have used those analogies to argue that Bitcoin’s price gains have been driven more by scarcity narratives and speculation than by underlying cash flows or real-world use cases.

Another concern experts point to is volatility. Bitcoin has fallen sharply in recent weeks, trading near $90,000 on Friday after reaching highs above $126,000 in October—a decline of about 28.6%.

Ameriks’ comments come at a time when Vanguard recently began permitting customers to trade crypto-focused ETFs and mutual funds on its brokerage platform, ending years of resistance to digital-asset exposure after pro-Bitcoin CEO Salim Ramji was appointed in 2024.

Vanguard manages roughly $12 trillion in assets, and now allows clients to buy and sell funds holding Bitcoin, Ethereum, XRP, and Solana, placing crypto alongside other assets like gold.

Ameriks said Vanguard’s decision to open trading access followed the establishment of track records for spot Bitcoin ETFs launched in January 2024.

“We allow people to hold and buy these ETFs on our platform if they wish to do so, but they do so with discretion,” Ameriks said. “We’re going to not give them advice as to whether to buy or sell, or which crypto tokens they ought to hold.”

Ameriks said Bitcoin could eventually demonstrate value in specific scenarios, such as periods of high inflation or political instability, but argued that the asset’s history remained too short to support a clear investment thesis.

“If you can see reliable movement in the price in those circumstances, we can talk more sensibly about what the investment thesis might be,” he said. “But you just don’t have that yet.”

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