Senior Vanguard analyst says Bitcoin is no better than a plush toy

John Ameriks, Vanguard's global head of quantitative equity, described Bitcoin as purely speculative, likening it to a digital "Labubu" plush toy during a conference. Despite this criticism, Ameriks acknowledged that Bitcoin might gain real-world utility in scenarios involving high fiat currency inflation or political instability, which could drive alternative currency adoption. This commentary followed Vanguard's recent policy change in December, making it the last of the major asset managers (alongside BlackRock and State Street) to permit clients to trade cryptocurrency exchange-traded funds (ETFs). Ameriks emphasized that while Vanguard allows clients to hold these ETFs at their discretion, the firm will not offer advice on buying, selling, or which tokens to hold, highlighting traditional finance executives' lingering skepticism toward Bitcoin.

(Source：Cointelegraph)