Vanguard Executive Describes Bitcoin as 'Digital Labubu' Amid Crypto ETF Expansion
John Ameriks, Vanguard's global head of quantitative equity, described Bitcoin as a "digital Labubu" due to its perceived lack of cash flows and durable value. Despite this skepticism, Vanguard has expanded its offerings to allow clients to trade crypto-focused ETFs and mutual funds, including Bitcoin, Ethereum, XRP, and Solana, on its brokerage platform.
Vanguard, which manages roughly $12 trillion in assets, now provides exposure to crypto assets alongside traditional investments like gold. However, the firm will not provide investment advice on cryptocurrencies, leaving it to clients to decide whether to hold or buy crypto ETFs at their own discretion.
This expansion follows Vanguard’s establishment of track records for spot Bitcoin ETFs launched in January 2024. Ameriks argued that Bitcoin's investment thesis is not yet supported by a sufficiently long history to be considered a reliable investment. At the time of reporting, Bitcoin was trading near $90,000—a 28.6% decline from its highs of over $126,000 in October.
Vanguard's statements reflect ongoing skepticism toward digital assets despite growing accessibility and demand for crypto investments.
