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A Vanguard Group executive likened Bitcoin to a speculative game, although the company recently allowed its clients to trade index funds tied to the digital currency, suggesting that views on such assets remain conservative.
According to Bloomberg, John Amerkes, Vanguard’s head of global equity strategy, said that Bitcoin lacks the characteristics of cash flow and cumulative growth that the company seeks in long-term investments.
While attending the “In Depth ETF” conference in New York, he described Bitcoin as a “digital Labubu,” referring to the collectible dolls that have been circulating as a fad recently.
Amerex explained that there is a lack of evidence that the underlying blockchain technology can provide sustainable economic value, noting that Bitcoin is often compared to historical bubbles, such as the tulip mania of the 17th century or the Beanie Babies dolls of the 1990s.
He also pointed to factors of extreme volatility, with Bitcoin down around 28.6% from a peak of over $126,000 in October to a recent near $90,000.
The announcements come as Vanguard begins allowing customers to trade ETFs and investment funds tied to the digital currency after years of resistance after the appointment of pro-Bitcoin CEO Salim Ramji in 2024.
Vanguard, which manages an estimated $12 trillion in assets, now allows trading in funds including Bitcoin, Ethereum, Ripple and Solana.
Amerex confirmed that it was providing access to the funds without providing direct investment advice, noting that the trading comes after a spot Bitcoin fund launched in January 2024 set a track record.
While he acknowledged that Bitcoin may show potential value in situations such as high inflation or political instability, he stressed that the history of establishing a clear investment thesis is still short.
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