Bitcoin has been described as merely a collectible toy rather than a serious financial asset by John Ameriks, who leads quantitative equity at Vanguard. His remarks came following the company’s recent policy shift that permits clients to engage in cryptocurrency exchange-traded funds (ETFs).

“It’s hard for me to see Bitcoin as anything more than a digital Labubu,” Ameriks stated at an ETF conference in New York City.
Translation: Labulus are plush toys that feature animal designs with human-like characteristics.

However, Ameriks also mentioned that Bitcoin might hold potential value in situations characterized by high inflation of fiat currencies or political turmoil, which could drive the demand for alternative currencies.

Bitcoin’s price action from 2012 to 2025. Source: CoinMarketCap

Ameriks’ comments came on the heels of Vanguard’s announcement allowing clients to invest in cryptocurrency for the first time, highlighting a broader skepticism among traditional financial analysts regarding Bitcoin’s viability, despite the cryptocurrency maintaining a market price above $90,000.

Vanguard Finally Steps into Crypto

Vanguard has become the latest major asset management firm to allow clients access to crypto investment options. “We enable clients to buy and hold these ETFs, but we’re not providing advice on whether to buy or sell specific tokens,” Ameriks explained.

This policy update opens up cryptocurrency markets to over 50 million clients at Vanguard and represents a crucial link between traditional finance and the burgeoning world of digital assets. The influx of client capital could potentially elevate prices for cryptocurrencies related to ETFs.