Vanguard Exec Calls Bitcoin a ‘Digital Labubu’ Even as Firm Opens ETF Trading Access

John Ameriks, Vanguard’s global head of quantitative equity, maintained the firm's skeptical view of cryptocurrency, likening Bitcoin to a speculative 'digital Labubu' plush toy because it lacks the income and cash-flow traits Vanguard values for long-term investments. This statement came as Vanguard recently opened its brokerage platform to crypto exchange-traded funds (ETFs) from competitors like BlackRock and Fidelity, granting access to its 50 million clients. This move represents a shift from Vanguard's long-standing opposition to crypto products. However, Ameriks confirmed that Vanguard has no plans to launch its own crypto ETFs and will not advise clients on crypto asset selection. He conceded that Bitcoin might show non-speculative value under extreme conditions like high inflation, but insisted its history is too short to confirm this.

(Source：CoinDesk)