В Vanguard сравнили биткоин с коллекционной игрушкой, подчеркивая его спекулятивный характер Translation: Vanguard Compares Bitcoin to a Collectible Toy, Emphasizing Its Speculative Nature

The first cryptocurrency is better viewed as a speculative collectible rather than a functional asset, stated John Ameriks from Vanguard’s quantitative investment division, as reported by Bloomberg.

He emphasized that Bitcoin lacks the characteristics that generate income, compound interest, and cash flow, which are essential for the company’s long-term investment strategies.

Ameriks pointed out that there is no compelling evidence to suggest that the technology underlying cryptocurrencies provides sustainable economic value.

«For this reason, I find it hard to view Bitcoin as anything more than a digital version of a Labubu,» he remarked, referring to popular collectible plush toys.

Previously, the leadership of the asset management firm, which oversees approximately $12 trillion, has repeatedly highlighted the speculative nature of cryptocurrencies and regarded them as part of an «immature» asset class.

In early December, Vanguard opened access to trading in ETFs and mutual funds based on digital assets for more than 50 million brokerage clients.

Ameriks justified this move by noting that Bitcoin ETFs have proven effective since their launch in January 2024. During this period, Vanguard has confirmed that the products meet the stated characteristics and descriptions.

«We allow individuals to hold and purchase these ETFs on our platform if they wish. However, they do so at their own discretion. We do not intend to provide advice on buying or selling, or which cryptocurrency tokens to hold. At this stage, we are simply not planning to do that,» he emphasized.

Ameriks admitted that there are certain scenarios that could validate Bitcoin’s non-speculative value. For instance, the price of digital gold might rise significantly in times of high inflation or political instability.

«If we see a consistent price movement under such circumstances, it would be reasonable to discuss some kind of investment strategy and the potential role of the asset in a portfolio. But until that happens, we’re talking about too short a history,» he added.

Recall that in the summer, analysts discovered that Vanguard had invested over $9 billion in Strategy, which holds the largest corporate Bitcoin reserve.