Vanguard Exec Likens Bitcoin to ‘Digital Labubu’ Even as Firm Opens ETF Trading Access
TL;DR
Vanguard's John Ameriks compares Bitcoin to a 'digital Labubu,' viewing it as speculative and not a long-term investment. Despite this, Vanguard now allows access to crypto ETFs from rivals but won't launch its own or advise clients on crypto.
Key Takeaways
- •Vanguard's John Ameriks likens Bitcoin to a 'digital Labubu,' emphasizing its speculative nature over long-term investment value.
- •Vanguard maintains its skeptical view of crypto as highly speculative and not aligned with its core investment philosophy.
- •Vanguard has opened its platform to regulated crypto ETFs from competitors like BlackRock and Fidelity, but will not launch its own crypto ETFs.
- •The firm will not provide advice to clients on buying, selling, or holding crypto assets, despite offering access to these products.
- •Ameriks acknowledges Bitcoin could have non-speculative value in scenarios like high inflation, but notes limited evidence due to its short history.
What to know:
- Vanguard's John Ameriks likened bitcoin to a "digital Labubu," viewing it as speculative rather than a long-term investment.
- Ameriks emphasized Vanguard's core view of the crypto sector hasn't changed, seeing the asset class as highly speculative.
- Vanguard won't launch its own crypto ETFs, but provides access to regulated crypto investment vehicles without advising clients on buying or selling.
- Vanguard's John Ameriks likened bitcoin to a "digital Labubu," viewing it as speculative rather than a long-term investment.
- Ameriks emphasized Vanguard's core view of the crypto sector hasn't changed, seeing the asset class as highly speculative.
- Vanguard won't launch its own crypto ETFs, but provides access to regulated crypto investment vehicles without advising clients on buying or selling.
Vanguard’s global head of quantitative equity, John Ameriks, said bitcoin BTC$89,347.94 still resembles a speculative collectible more than an asset meant to build long-term wealth, comparing it to a “digital Labubu,” the plush toy that has become a popular collectible.
Ameriks’ words came during Bloomberg’s ETFs in Depth conference in New York on Thursday, where he said bitcoin lacks the income, compounding, and cash-flow traits Vanguard seeks when it evaluates long-term investments.
His dismissive stance comes as Vanguard just opened its platform to crypto exchange-traded funds, allowing its 50 million clients access to regulated investment vehicles from rivals like BlackRock and Fidelity.
The asset management giant's begrudging embrace of crypto is a reversal of long-time skepticism towards the entire asset class. For years, Vanguard stood against offering cryptocurrency products to clients, reiterating that it saw digital assets as highly speculative and unaligned with its core investment philosophy.
That view, according to Ameriks, apparently hasn’t changed. As a result, Vanguard does not plan to launch its own crypto-focused ETFs. The decision is notable as bitcoin ETFs have become BlackRock’s top revenue source.
Still, after Vanguard saw crypto ETFs and funds “have been tested through periods of market volatility, performing as designed while maintaining liquidity,” the firm opened its brokerage platform to these products.
Even with that access, Vanguard will not advise clients on whether to buy or sell crypto assets or which tokens to hold, Ameriks said.
Ameriks said bitcoin could eventually show non-speculative value in certain conditions, such as high inflation or political instability, but he argued the evidence is still limited. “You’ve still got too short of a history,” he said.
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