Bitcoin’s Speculative Nature and Potential Use Cases
According to John Ameriks, the global head of quantitative equity at asset management company Vanguard, Bitcoin is a purely speculative asset, comparable to a collectible toy. Ameriks made this statement at Bloomberg’s ETFs in Depth conference in New York City, where he referred to Bitcoin as a “digital Labubu,” a type of collectible plush toy featuring animals with anthropomorphic features.
Despite his criticism, Ameriks acknowledged that Bitcoin may have value beyond financial speculation in the future, particularly in scenarios of high fiat currency inflation or political instability. These factors could drive the adoption of alternative currencies, potentially leading to real-world use cases for Bitcoin. 
Bitcoin’s price action from 2012 to 2025. Source: CoinMarketCap
Vanguard’s Stance on Cryptocurrency Investment
Vanguard recently announced that it would allow its clients to trade cryptocurrency funds for the first time, making it the last of the three major asset management companies, including BlackRock and State Street, to do so. Ameriks noted that Vanguard would permit clients to hold and buy crypto investment vehicles on their platform, but would not offer advice on whether to buy or sell specific crypto tokens. 
ETFs remain a significant source of capital inflows into the digital asset markets. Source: Farside Investors
This policy change provides Vanguard’s over 50 million clients with exposure to crypto markets, creating a bridge between traditional finance and digital assets. The influx of new capital from Vanguard’s clients could potentially boost prices for cryptocurrencies tied to exchange-traded funds. For more information on Bitcoin and cryptocurrency markets, visit the original source.
