Vanguard Exec Says Bitcoin Is Like ‘A Digital Labubu’

A senior Vanguard executive recently raised eyebrows by comparing Bitcoin to a “digital Labubu” — a collectible designer toy known more for hype and scarcity than practical use. The comment quickly sparked debate, especially because Vanguard has simultaneously softened its stance on crypto by allowing access to crypto-linked ETFs for clients.

The remark reflects a familiar skepticism from traditional finance. From Vanguard’s perspective, Bitcoin doesn’t generate cash flow, dividends, or earnings — qualities the firm typically values. Like a collectible toy, its price is driven largely by demand, narrative, and scarcity rather than fundamentals. In that sense, the comparison was meant to highlight Bitcoin’s speculative nature, not to praise it.

But critics argue the analogy falls short. Unlike a collectible, Bitcoin operates as a decentralized monetary network, a hedge against currency debasement for some investors, and a settlement layer used globally. Its fixed supply, censorship resistance, and growing institutional adoption put it in a different category altogether — closer to digital gold than a novelty item.

What makes the comment more interesting is the timing. Even as executives downplay Bitcoin’s intrinsic value, Vanguard is pragmatically responding to client demand by offering crypto exposure through ETFs. That contradiction shows where the market really stands: skepticism at the top, curiosity — and capital — at the bottom.

In short, calling Bitcoin a “digital Labubu” may sound dismissive, but it also reveals something deeper. Traditional finance may not love Bitcoin yet, but it can no longer ignore it.