Vanguard’s John Ameriks likened bitcoin to a “digital Labubu,” dismissing it as a speculative collectible. Despite this view, Vanguard recently opened its platform to crypto ETFs, a reversal from its previous skepticism. The firm won’t launch its own crypto-focused ETFs, citing the asset’s speculative nature.

Ameriks stated Vanguard won’t advise clients on crypto investments, despite opening its platform to crypto ETFs. He noted bitcoin may show value in high inflation or political instability, but evidence is lacking. Vanguard remains cautious, emphasizing the asset’s short history and speculative nature.

Read more at Yahoo Finance: Vanguard Exec Likens Bitcoin to ‘Digital Labubu’ Even as Firm Opens ETF Trading Access