Vanguard Exec Likens Bitcoin to 'Digital Labubu' Even as Firm Opens ETF Trading Access

Source: CryptoNewsNet Original Title: Vanguard Exec Likens Bitcoin to ‘Digital Labubu’ Even as Firm Opens ETF Trading Access Original Link: Vanguard’s global head of quantitative equity, John Ameriks, said bitcoin still resembles a speculative collectible more than an asset meant to build long-term wealth, comparing it to a “digital Labubu,” the plush toy that has become a popular collectible.

Ameriks’ words came during Bloomberg’s ETFs in Depth conference in New York on Thursday, where he said bitcoin lacks the income, compounding, and cash-flow traits Vanguard seeks when it evaluates long-term investments.

His dismissive stance comes as Vanguard just opened its platform to crypto exchange-traded funds, allowing its 50 million clients access to regulated investment vehicles from rivals like BlackRock and Fidelity.

The asset management giant’s begrudging embrace of crypto is a reversal of long-time skepticism towards the entire asset class. For years, Vanguard stood against offering cryptocurrency products to clients, reiterating that it saw digital assets as highly speculative and unaligned with its core investment philosophy.