В Vanguard предостерегают: биткоин остается спекулятивным активом, подобным Лабубу Translation: Vanguard warns: bitcoin remains a speculative asset, akin to Labubu.

The first cryptocurrency should be regarded primarily as a speculative collectible rather than a functioning asset. This was stated by John Ameriks, head of quantitative investments at Vanguard, according to Bloomberg.

He pointed out that Bitcoin lacks properties that generate income, compound interest, and cash flow—qualities that the company prioritizes for long-term investments.

Ameriks indicated that there is no compelling evidence that the technology underlying cryptocurrency provides enduring economic value.

“Therefore, I find it hard to see Bitcoin as anything more than a digital version of a Labubu,” he added, referencing the popular line of collectible plush toys.

Previously, the management of the asset management firm, which oversees approximately $12 trillion, has repeatedly highlighted the speculative nature of cryptocurrencies, categorizing them as “immature” assets.

Earlier in December, Vanguard opened access to trading in ETFs and mutual funds based on digital assets for over 50 million brokerage clients.

Ameriks explained this decision by noting that Bitcoin ETFs have shown effectiveness since their launch in January 2024. During this time, Vanguard confirmed that the products meet the stated characteristics and descriptions.

“We allow people to store and purchase these ETFs on our platform if they wish. But they do so at their own discretion. We do not intend to provide them with advice regarding buying, selling, or which cryptocurrency tokens to hold. At this stage, we simply are not planning to do that,” the manager emphasized.

According to Ameriks, certain scenarios could validate Bitcoin’s non-speculative value. For instance, the price of digital gold could rise significantly during high inflation or political instability.

“If we see a sustained price movement under such circumstances, it would make sense to discuss an investment strategy and the potential role of the asset in a portfolio. But that is not the case yet—we are dealing with too short a history,” he added.

It’s worth recalling that last summer, analysts discovered that Vanguard had invested over $9 billion in Strategy, which possesses the largest corporate Bitcoin reserve.