Bitcoin is back in the spotlight as a Vanguard executive dismisses it as a speculative “digital toy.” The firm’s global head of quantitative equity, John Ameriks, compared Bitcoin to a viral plush toy collectible, calling it a “digital Labubu.”

Ameriks stated that Bitcoin lacks the income, compounding, and cash-flow characteristics that Vanguard seeks in long-term investments. He emphasized the importance of evidence showing durable economic value to move beyond speculation.

Despite criticism, Vanguard has opened its trading platform to spot Bitcoin exchange-traded funds. Ameriks mentioned that the decision followed the establishment of trading track records after U.S. spot Bitcoin ETFs launched in January 2024.

Ameriks acknowledged limited scenarios where Bitcoin could show non-speculative value, such as high inflation or political instability. He emphasized the need for consistent price behavior during these conditions for a clearer investment thesis.

Bitcoin remains under short-term pressure but has stabilized after a recent decline. The cryptocurrency is trading below key moving averages, with immediate support at $88,500 and major support at $85,000.

BTC rebounded near $85,000 earlier this month and has formed higher lows, indicating easing downside momentum. The 20-day EMA is near $91,500, the 50-day EMA around $96,400, and the 100-day EMA near $101,700.

On the upside, first resistance stands near $92,500, with a heavier supply zone between $96,000 and $98,000. A break above $96,000 would signal a momentum shift, while a loss of $88,500 risks a retest of $85,000.

Read more at Yahoo Finance: Vanguard Exec Says Bitcoin Is Like ‘A Digital Labubu’