What did Vanguard's executive say about Bitcoin?

Vanguard's global head of quantitative equity called Bitcoin a 'speculative toy' and a 'digital Labubu'.

Is Vanguard allowing clients to trade Bitcoin ETFs?

Yes, Vanguard now permits clients to trade crypto-linked ETFs, including Bitcoin ETFs, on its platform.

Why is Vanguard still skeptical about Bitcoin?

Vanguard executives cite Bitcoin's lack of cash flow, short history, and speculative nature as reasons for skepticism.

Home / Business and Economy / Vanguard Exec Calls Bitcoin a 'Speculative Toy'

Vanguard Exec Calls Bitcoin a 'Speculative Toy'

13 Dec, 2025

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Summary

Vanguard's crypto ETF trading now permitted for clients.
Bitcoin compared to a speculative 'digital Labubu' by executive.
Asset manager maintains skepticism despite recent policy shifts.

Vanguard Exec Calls Bitcoin a 'Speculative Toy'

Vanguard, a prominent asset manager overseeing approximately $12 trillion, has recently started permitting clients to trade cryptocurrency-linked exchange-traded funds, including those for Bitcoin, Ethereum, XRP, and Solana. This significant pivot follows the appointment of a pro-Bitcoin CEO in 2024 and the establishment of track records for spot Bitcoin ETFs launched in January 2024.

Despite this change in trading access, Vanguard's global head of quantitative equity, John Ameriks, expressed considerable skepticism towards Bitcoin during a recent conference. He likened the cryptocurrency to a "digital Labubu," a popular collectible, citing a lack of clear evidence for durable economic value derived from its underlying blockchain technology. Ameriks also pointed to Bitcoin's inherent volatility and its short history as reasons for caution.

Ameriks emphasized that while Vanguard now allows clients to buy and sell these ETFs on its platform, it does so with discretion and will not provide investment advice regarding specific crypto tokens. He suggested Bitcoin might prove valuable in specific scenarios like high inflation or political instability, but its history is too brief to form a concrete investment thesis yet.