Vanguard remains cautious about Bitcoin even as it has taken its first formal step into crypto exposure for clients. John Ameriks, global head of quantitative equity at Vanguard, described Bitcoin as a speculative asset that resembles a collectible rather than a financial instrument, highlighting the continued skepticism within traditional asset management circles.
Speaking at Bloomberg’s ETFs in Depth conference in New York City, Ameriks said it was difficult for him to view Bitcoin as anything more than a digital collectible. He compared the cryptocurrency to Labubu plush toys, which are popular collectible figures featuring anthropomorphic animal designs. The analogy underscored his view that Bitcoin’s value is driven primarily by speculation rather than fundamental utility.
Despite his criticism, Ameriks acknowledged that Bitcoin could potentially develop broader relevance beyond financial markets. He said the cryptocurrency may gain real world use cases in specific conditions, such as periods of high inflation or political instability, when trust in fiat currencies weakens and alternative monetary systems become more attractive.
The comments come at a time when Bitcoin continues to trade above the 90,000 dollar level and maintains a track record of roughly 16 years of uninterrupted network operation. Even with growing institutional interest, doubts remain among senior figures in traditional finance about Bitcoin’s role as a long term store of value or medium of exchange.
Vanguard allows crypto ETFs while maintaining a cautious stance
Ameriks’ remarks followed Vanguard’s announcement in December that it would allow clients to trade cryptocurrency related exchange traded funds for the first time. The move marked a shift for Vanguard, which had previously resisted offering any form of crypto exposure on its platform.
Vanguard was the last of the three largest asset management firms, alongside BlackRock and State Street, to permit clients to access crypto investment vehicles. The policy change gives more than 50 million Vanguard clients the option to gain indirect exposure to digital assets through ETFs.
However, the firm has been careful to distance itself from promoting cryptocurrencies as an investment. Ameriks said Vanguard allows clients to buy and hold crypto ETFs if they choose to do so, but emphasized that the company will not provide guidance on whether investors should buy or sell crypto assets. He added that Vanguard will also refrain from advising clients on which specific tokens to hold.
This approach reflects Vanguard’s broader philosophy of prioritizing long term investment discipline and minimizing speculative behavior. While the firm’s decision opens a new channel for capital to flow into crypto markets, it also reinforces the divide between access and endorsement within traditional finance.
The availability of crypto ETFs on Vanguard’s platform could still have a meaningful market impact. Increased participation from retail and institutional investors may bring fresh liquidity into crypto linked products, potentially supporting prices of assets included in exchange traded funds.
Even so, Ameriks’ remarks illustrate that deep skepticism persists at the highest levels of asset management. While Vanguard has built a bridge between its clients and crypto markets, its leadership continues to frame Bitcoin as a speculative instrument rather than a core financial asset.
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