Emre Yumlu 
As one of the world’s largest asset management firms takes a cautious step into crypto markets, internal commentary from Vanguard has reignited debate around Bitcoin’s long-term value. Remarks from senior Vanguard analyst John Ameriks underscore how divided traditional finance remains on digital assets, even amid growing institutional exposure.
“Bitcoin Resembles a Digital Collectible”
John Ameriks, Vanguard’s global head of quantitative equity research, has described Bitcoin as fundamentally speculative in nature. Speaking at Bloomberg’s ETFs in Depth conference in New York, Ameriks compared Bitcoin to a popular collectible plush toy, characterizing it as a “digital Labubu.”
Labubu toys are known for their collectible appeal rather than intrinsic utility. According to Ameriks, Bitcoin’s current valuation shares similar dynamics: demand driven largely by perception, scarcity narratives, and speculative interest rather than conventional financial fundamentals such as cash flows or productive output.
Not Entirely Without Potential
Despite his skepticism, Ameriks stopped short of dismissing Bitcoin outright. He acknowledged that under certain macroeconomic conditions, the cryptocurrency could evolve beyond a purely speculative asset.
In particular, Ameriks pointed to scenarios involving high inflation or political instability, where confidence in fiat currencies weakens. In such environments, alternative stores of value often gain traction, and Bitcoin could find more tangible real-world relevance. While this does not change his current assessment, it leaves room for Bitcoin’s role to expand if global economic conditions deteriorate.
Vanguard’s Carefully Framed Crypto Entry
Ameriks’ comments come shortly after Vanguard implemented a notable policy shift. In December, the firm began allowing clients to trade cryptocurrency exchange-traded funds for the first time. With this move, Vanguard joined peers such as BlackRock and State Street, becoming the last of the three major asset managers to open its platform to crypto-linked investment vehicles.
However, Vanguard has emphasized that access does not equal endorsement. Ameriks made clear that the firm is not offering guidance on whether clients should invest in crypto ETFs, nor advising on which digital assets to hold. The responsibility, he stressed, rests entirely with investors.
Bridging Traditional Finance and Digital Assets
By enabling crypto ETF trading for its more than 50 million clients, Vanguard has effectively expanded the bridge between traditional financial markets and the digital asset ecosystem. Even without direct promotion, the move could channel additional capital into crypto markets, particularly into assets tied to exchange-traded products.
These developments unfold at a time when Bitcoin trades above the $90,000 level and boasts over 16 years of uninterrupted network operation. The contrast between Bitcoin’s market maturity and Vanguard’s restrained stance highlights an ongoing tension: while institutional access continues to grow, deep skepticism about Bitcoin’s intrinsic value remains firmly rooted within traditional finance circles.
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