Bitcoin: A Comparison to a Collectible Plush Toy, According to Vanguard Analyst

Senior Vanguard analyst says Bitcoin is no better than a plush toy

John Ameriks, the global head of quantitative equity at Vanguard, has made headlines by comparing Bitcoin to a collectible plush toy. Despite his critical stance, he acknowledges the potential for Bitcoin to serve a purpose beyond mere speculation in certain conditions.

Key Takeaways

John Ameriks likens Bitcoin to a collectible plush toy, emphasizing its speculative nature.
He acknowledges the potential for Bitcoin to have real-world uses during times of fiat currency inflation or political instability.
Vanguard recently announced that clients can trade cryptocurrency funds, marking its entry into the crypto market.
The addition of crypto investment options provides Vanguard's large client base with exposure to digital assets.

Bitcoin: Pure Speculation or Future Utility?

John Ameriks, Vanguard's global head of quantitative equity, has voiced that Bitcoin is fundamentally a speculative asset, comparable to a plush toy. At Bloomberg’s ETFs in Depth conference in New York City, he stated, “It’s difficult for me to think about Bitcoin as anything more than a digital Labubu.”

Labulas are popular collectible plush toys designed with anthropomorphic features. While Ameriks is critical of Bitcoin's current status, he also sees a possibility for its value to extend beyond financial speculation under specific conditions. He noted that Bitcoin could serve practical purposes in scenarios involving high inflation of fiat currencies or political turmoil. Such situations often push people to seek alternative currencies.

Bitcoin Price, Bitcoin Adoption, Bitcoin ETF, ETF _Bitcoin’s price action from 2012 to 2025. Source:_CoinMarketCap

These comments come in light of Vanguard's decision in December to permit clients to trade cryptocurrency funds. They highlight the skepticism that analysts and professionals within traditional finance continue to express about Bitcoin, despite its recent price stability above $90,000 and a robust track record of network uptime spanning 16 years.

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Vanguard Takes the Leap into Cryptocurrency

Vanguard recently became the last of the three leading asset management firms—alongside BlackRock and State Street—to enable clients to access cryptocurrency investment channels. Ameriks noted, “We allow people to hold and buy these ETFs on our platform if they wish to do so, but they do so with discretion.” He emphasized that Vanguard does not offer personalized advice on buying, selling, or which cryptocurrencies to hold.

Bitcoin Price, Bitcoin Adoption, Bitcoin ETF, ETF _ETFs remain a significant source of capital inflows into the digital asset markets. Source:_Farside Investors

This policy shift allows Vanguard’s over 50 million clients to access cryptocurrency markets and represents yet another connection between traditional finance and digital assets. The influx of new capital from Vanguard’s clients could potentially lead to price increases in cryptocurrencies linked to exchange-traded funds.

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