Vanguard Executive Calls Bitcoin a “Digital Labubu,” Questions Long-Term Value

Highlights:

• A Vanguard executive criticized Bitcoin while the firm allowed more crypto trading.
• John Ameriks said Bitcoin has no cash flow or growth, so it’s not good long-term.
• He called Bitcoin a “digital Labubu,” as a toy people collect for a short time.

A senior executive at Vanguard delivered firm criticism of Bitcoin during a public conference, even as the investment giant quietly adjusted its brokerage rules related to digital assets. This contrast showed a gap between internal views and client access. It also revealed tension inside one of the world’s largest asset managers.

Vanguard Executive Questions Bitcoin’s Long-Term Value

John Ameriks, Vanguard’s global head of quantitative equity, spoke at Bloomberg’s ETFs in Depth conference in New York. Ameriks questioned whether BTC fits as a long-term investment. He said it lacks key features usually expected from serious assets. He focused on the absence of cash flow and compounding returns. These are factors Vanguard usually looks for before supporting assets held over long periods.

During the event, Ameriks used an unusual example to explain his view on Bitcoin’s value. “It’s difficult for me to think about Bitcoin as anything more than a digital Labubu,” Ameriks said. He also questioned whether blockchain technology provides true economic value. It is stated that evidence is still lacking. This raises questions on whether the blockchains are capable of providing long-run benefits that are not linked with trade activity.

These comments echoed long-standing criticism often raised by Bitcoin skeptics. In past debates, Bitcoin has been compared to Dutch tulip bulbs from the seventeenth century and Beanie Babies from the late 1990s. Such comparisons are commonly used to question whether rising prices are driven by lasting demand or temporary excitement.

Ameriks accepted that Bitcoin could show value in certain situations, such as times of high inflation or political pressure. Even so, he said the historical data remains too limited to support a clear and dependable investment view. He explained that if price behavior became more consistent during such periods, a stronger investment case could be discussed. For now, he suggested that the available evidence is not enough to form a solid thesis.

Vanguard Expands Client Access to Crypto While Maintaining Caution

Vanguard manages nearly $12 trillion in assets across global markets. Under updated rules, clients can now buy and sell funds that hold Bitcoin, Ethereum, XRP, and Solana. These digital assets appear alongside commodities such as gold within the firm’s available trading options. Ameriks said client access followed the launch of spot Bitcoin exchange-traded funds in January last year. 

According to Bloomberg, Vanguard will begin allowing ETFs and mutual funds that primarily hold Bitcoin, Ether, XRP, Solana, and other cryptocurrencies to trade on its platform starting December 2, 2025, ending its long-standing stance against supporting crypto products. Vanguard…

— Wu Blockchain (@WuBlockchain) December 1, 2025

Over time, these products built performance records. That data met platform requirements, even though the firm did not change its internal view on digital assets. He added that clients are free to hold or trade these ETFs at their own discretion. Vanguard does not offer guidance on whether to buy or sell, nor does it recommend specific crypto tokens.

Leadership changes also impacted the upgrade of the Vanguard platform. The hiring of Salim Ramji as the chief executive in 2024 brought a change in tactics. This ended a prolonged resistance to digital assets.