Vanguard Exec Calls Bitcoin a Digital Token as Crypto ETFs Debut
Vanguard Exec Calls Bitcoin a ‘Digital Labubu’ Even as Firm Allows Crypto ETF Trading
Vanguard executive John Ameriks compared bitcoin to a “digital Labubu,” arguing that the cryptocurrency still looks more like a speculative collectible than a long-term investment.
Speaking Thursday at Bloomberg’s ETFs in Depth conference in New York, Ameriks—Vanguard’s global head of quantitative equity—said it was “difficult” for him to view Bitcoin as anything more than a “digital Labubu,” a reference to viral plush collectibles. According to Bloomberg, Ameriks said Bitcoin lacks the traits Vanguard typically looks for when evaluating long-term holdings, including income, compounding, and cash flow.
The remarks landed as Vanguard has recently begun allowing clients to trade spot Bitcoin exchange-traded funds. Ameriks emphasized that the firm’s core view of the crypto sector has not changed, describing the asset class as highly speculative despite the broader market’s growing adoption of crypto-linked ETFs.
Ameriks also said Vanguard does not plan to launch its own crypto-focused ETFs and will not provide guidance on buying or selling digital assets. He acknowledged there may be limited scenarios where Bitcoin could demonstrate value beyond speculation, but maintained that its technology has not shown lasting economic value in a way that fits Vanguard’s long-term investing framework.
The episode highlights a widening divide in traditional finance: even as major platforms expand access to crypto products—often driven by client demand—some firms remain cautious about endorsing digital assets as portfolio building blocks.
