ChainThink report, December 13: Despite recent adjustments in national policies, a Vanguard executive this week likened Bitcoin to a speculative toy, underscoring the persistent skepticism from traditional financial institutions toward digital assets. Meanwhile, the firm has begun enabling clients to trade crypto-related ETFs.

According to Bloomberg, John Ameriks, Vanguard’s Global Quantitative Equity Head, stated that Bitcoin lacks the cash flow and compounding characteristics sought by the firm for long-term investing. At the Bloomberg ETFs in Depth conference in New York, he described cryptocurrencies as “digital Labubu” — “For me, Bitcoin is at best a digital Labubu,” Ameriks noted, emphasizing the absence of clear evidence that underlying blockchain technology can generate sustainable economic value.

Vanguard, which manages approximately $12 trillion in assets, now allows clients to buy and sell funds holding Bitcoin, Ethereum, XRP, and Solana, positioning these cryptocurrencies alongside other assets such as gold.

Ameriks said the decision to open trading access was based on the established track record of spot Bitcoin ETFs launched in January 2024. “If clients wish, we allow them to hold and purchase these ETFs on our platform, but the decision rests with them,” he said. “We do not provide recommendations on buying or selling decisions or specific token holdings.”

He acknowledged that Bitcoin might eventually demonstrate value in certain scenarios—such as periods of high inflation or political instability—but stressed that the asset’s short history does not yet support a coherent investment thesis. “Only if we observe reliable price movements under these conditions can we more rationally discuss its investment logic,” he said. “But such evidence does not exist at present.”