Vanguard Leader Mocks Bitcoin as ‘Digital Labubu’

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Vanguard Leader Mocks Bitcoin as ‘Digital Labubu’, Approves ETF Access

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 15, 2025

Key Takeaways

Vanguard has allowed clients to trade ETFs tied to cryptocurrencies but stays neutral on advice;
John Ameriks said Bitcoin lacks the growth and income traits needed for long-term investing;
Ameriks called Bitcoin a “digital Labubu,” saying it has yet to prove lasting economic value.

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Vanguard Leader Mocks Bitcoin as ‘Digital Labubu’, Approves ETF Access

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Vanguard has begun allowing its clients to trade exchange-traded funds (ETF) that track cryptocurrencies.

According to Bloomberg, John Ameriks, who leads Vanguard’s quantitative equity group, shared his thoughts during the ETFs in Depth conference in New York.

He explained that Bitcoin BTC $95,298.19 does not align with the firm’s long-term investment approach because it neither generates income nor exhibits the growth traits the firm typically seeks.

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Ameriks said, "It’s difficult for me to think about Bitcoin as anything more than a digital Labubu". He noted that there is little proof that blockchain technology has created lasting economic value.

Ameriks clarified that letting investors trade crypto-based ETFs does not mean Vanguard is promoting them. The company made this change only after spot Bitcoin ETFs had been around long enough to build short track records since their launch in early 2024.

Ameriks said, "We allow people to hold and buy these ETFs on our platform if they wish to do so, but they do so with discretion".

He added that Bitcoin might one day show its worth during certain conditions, such as high inflation or political unrest, but said the data is still too limited to draw firm conclusions.

He said, "If you can see reliable movement in the price in those circumstances, we can talk more sensibly about what the investment thesis might be".

Luke Gromen, a global macro analyst, has warned that Bitcoin might fall toward the $40,000 range by 2026. How? Read the full story.