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Bitcoin = Labubu? 😅

Bitcoin = Labubu? 😅

A Vanguard exec slammed Bitcoin as a digital toy this week, just days after the asset manager relented on crypto ETF trading.

Andrew Hayward
December 13, 2025

📝 What you need to know

Vanguard recently relented on its long-standing anti-crypto stance, permitting customers to trade Bitcoin, Ethereum, XRP, and Solana ETFs—but that didn’t stop one of the company’s execs from taking a swipe at Bitcoin this week.

“It’s difficult for me to think about Bitcoin as anything more than a digital Labubu,” said John Ameriks, Vanguard’s global head of quantitative equity, at a Bloomberg ETF conference.

In comparing Bitcoin to the in-demand Pop Mart toys, Ameriks continued a tradition of dismissing the top cryptocurrency by linking it to speculative manias. (Beanie Babies, anyone?) Still, it’s a particularly funny moment to levy such criticism, given Vanguard’s recent move—though Ameriks insisted that the asset manager won’t give its customers financial advice regarding crypto ETF moves.

Vanguard Exec Calls Bitcoin a 'Digital Labubu', Even as Firm Offers Crypto ETF Trading

The Vanguard equity head dismissed Bitcoin as speculative, though the firm still expanded client access to crypto ETFs.

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