BlockBeats News, December 13th. Despite recent adjustments in national policies, asset management giant Vanguard's executive this week likened Bitcoin to a speculative toy, highlighting traditional financial institutions' ongoing skepticism of digital assets. At the same time, the company has started allowing clients to trade cryptocurrency-related ETFs.According to Bloomberg, Vanguard's Global Head of Quantitative Equities, John Ameriks, stated that Bitcoin lacks the cash flow and compounding characteristics that the company seeks in long-term investments. He described cryptocurrency as a "digital Labubu" at Bloomberg's ETFs in Depth event in New York — "To me, Bitcoin is at best a digital Labubu," Ameriks said, noting that he believes there is no clear evidence that the underlying blockchain technology can generate lasting economic value.Managing around $12 trillion in assets, Vanguard now allows clients to trade funds holding Bitcoin, Ethereum, XRP, and Solana, placing cryptocurrency on par with other assets like gold.Ameriks stated that the decision to open up trading was based on the track record established by the launch of a spot Bitcoin ETF in January 2024. "If customers wish, we allow them to hold and buy these ETFs on the platform, but this needs to be their own judgment," he said. "We do not provide advice on trading decisions or specific token holdings."He acknowledged that Bitcoin may eventually demonstrate value in specific scenarios (such as high inflation or periods of political turmoil) but emphasized that the asset's history is too short to support a clear investment thesis. "We can have a more rational discussion about its investment logic if we can observe reliable price movements under these circumstances," he said, "but such evidence does not currently exist."

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