VANGUARD LEADERS CALL BITCOIN A “DIGITAL LABUBU” DESPITE OPENING ETF TRADING RIGHTS

🔸 Vanguard leader John Ameriks compares Bitcoin to a digital collectible and believes it is more speculative than a long-term investment.

🔸 He said Bitcoin does not generate income, has no cash flow, and cannot be compounded, which are core factors Vanguard looks for in long-term assets. Note that Vanguard has long held a similar view on gold and does not consider gold a core asset for long-term investing.

🔸 Nevertheless, Vanguard has now allowed clients to trade crypto ETFs managed by companies like BlackRock and Fidelity after more than a year of refusal. This is seen as a concession to market demand. However, Vanguard affirms it will not launch its own crypto ETF nor provide advice on buying or selling crypto.

🔸 John Ameriks admits Bitcoin may have value in extreme situations such as high inflation or political instability, but argues that historical data is still too limited.

🔸 Vanguard is the second-largest private asset management company in the world.
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