Vanguard Group Executive Still Compares Bitcoin to "Digital Beanie Baby," Calling It Lacking Long-Term Investment Value

**December 13** Vanguard executive this week likened Bitcoin to a "speculative toy"—underscoring traditional finance’s persistent skepticism of digital assets—even as the $12 trillion asset manager now lets clients trade crypto-related ETFs. Per Bloomberg, Vanguard’s global head of quantitative equities John Ameriks said Bitcoin lacks the cash flow and compounding traits the firm seeks in long-term investments. Speaking at Bloomberg’s *ETFs in Depth* event in New York, he labeled crypto a "digital Labubu," adding: "To me, Bitcoin is at best a digital Labubu." He noted there’s no clear proof the underlying blockchain tech delivers lasting economic value. Vanguard now allows clients to trade funds holding Bitcoin, Ethereum, XRP and Solana—putting crypto on par with assets like gold. Ameriks said the move stemmed from the track record of the January 2024 spot Bitcoin ETF launch. "We let clients hold and buy these ETFs on our platform if they want—but that’s their call," he said. "We don’t give advice on trading decisions or specific token holdings." He acknowledged Bitcoin could eventually prove valuable in scenarios like high inflation or political turmoil, but stressed its short history doesn’t support a clear investment thesis. "We could have a more rational talk about its logic if we see reliable price moves in those situations," he noted. "But that evidence doesn’t exist right now."