Vanguard Executive Says Bitcoin Resembles a Speculative Collectible, Not Long-Term Wealth Asset

Vanguard’s global head of quantitative equity, John Ameriks, has reiterated the asset manager’s long-standing skepticism toward bitcoin, arguing that the world’s largest cryptocurrency still looks more like a speculative collectible than a reliable vehicle for long-term wealth creation. Speaking at Bloomberg’s ETFs in Depth conference in New York, Ameriks compared bitcoin to a “digital Labubu,” referencing the popular plush toy that has gained value largely through collectibility rather than intrinsic financial fundamentals.

Ameriks explained that bitcoin does not meet Vanguard’s criteria for long-term investments, which prioritize income generation, compounding returns, and predictable cash flows. According to him, these characteristics are essential for building sustainable wealth over time, and bitcoin has yet to demonstrate them convincingly. This perspective highlights why Vanguard remains cautious, even as cryptocurrency adoption continues to expand across global financial markets.

The comments come at a notable time, as Vanguard recently opened its brokerage platform to crypto exchange-traded funds (ETFs). This move allows its roughly 50 million clients to access regulated bitcoin and crypto ETFs offered by competitors such as BlackRock and Fidelity. The decision marks a shift from Vanguard’s previous stance, when it openly resisted offering any cryptocurrency-related products due to concerns about volatility and speculation.

Despite this change, Ameriks emphasized that Vanguard has no plans to launch its own crypto-focused ETFs. He noted that while bitcoin ETFs have become a major revenue driver for firms like BlackRock, Vanguard’s core investment philosophy remains unchanged. The firm will also refrain from advising clients on whether to buy or sell crypto assets or which digital tokens to hold.

Ameriks acknowledged that bitcoin could potentially demonstrate non-speculative value in specific scenarios, such as periods of high inflation or political instability. However, he stressed that the asset’s track record is still too short to draw firm conclusions. While Vanguard recognized that crypto ETFs have performed as designed during volatile market conditions and maintained liquidity, the firm continues to view bitcoin primarily as a speculative asset rather than a foundational component of long-term investment portfolios.