Pioneer Group executives still compare Bitcoin to "Digital Labubu," stating that it lacks long-term investment value.

On December 13, despite recent adjustments in national policies, a senior executive at asset management giant Vanguard compared Bitcoin to a speculative toy this week, highlighting ongoing skepticism from traditional financial institutions towards digital assets. Meanwhile, the company has begun allowing clients to trade crypto-related ETFs. According to Bloomberg, John Ameriks, Head of Global Quantitative Stocks at Vanguard, stated that Bitcoin lacks the cash flow and compounding features sought in long-term investments. He described cryptocurrency as a “digital Labubu” at the Bloomberg ETFs in Depth conference in New York — “For me, Bitcoin is at best a digital Labubu,” Ameriks pointed out, emphasizing that there is no clear evidence that underlying blockchain technology can generate lasting economic value. Vanguard, which manages approximately $12 trillion in assets, has now allowed clients to buy and sell funds holding Bitcoin, Ethereum, XRP, and Solana, placing cryptocurrencies alongside other assets like gold. Ameriks said the decision to open trading was based on the track record established by the spot Bitcoin ETF launched in January 2024. “If clients wish, we allow them to hold and purchase these ETFs on our platform, but it’s up to their own judgment,” he said, “We do not provide advice on buying and selling decisions or specific tokens to hold.” He acknowledged that Bitcoin might eventually demonstrate value in certain scenarios (such as high inflation or political turmoil), but emphasized that the asset’s history is too short to support a clear investment logic. “We can only rationally discuss its investment logic if we observe reliable price movements in these situations,” he stated, “but such evidence does not currently exist.”