The post ‘Digital labubu’: Why Vanguard still refuses to endorse Bitcoin appeared on BitcoinEthereumNews.com. Bitcoin retreated from its recent peak as selling The post ‘Digital labubu’: Why Vanguard still refuses to endorse Bitcoin appeared on BitcoinEthereumNews.com. Bitcoin retreated from its recent peak as selling

‘Digital labubu’: Why Vanguard still refuses to endorse Bitcoin

2025/12/13 20:29

Bitcoin retreated from its recent peak as selling pressure returned across the broader market.

At press time, BTC traded near $92,000, extending a drawdown from its recent high, according to Bloomberg data.

The pullback revived familiar concerns around Bitcoin’s boom-and-bust cycles, even as institutional access continued to expand.

Vanguard calls Bitcoin a ‘digital Labubu’

The latest weakness coincided with sharp criticism from Vanguard, one of the world’s largest asset managers.

Despite opening its platform to allow clients to trade spot Bitcoin [BTC] ETFs, the firm doubled down on its skepticism.

Speaking at Bloomberg’s ETFs in Depth event in New York, John Ameriks, Vanguard’s Global Head of Quantitative Equity, directly addressed the question of Bitcoin’s investment merit, dismissing the asset with a mocking comparison.

He described the world’s largest cryptocurrency as a “digital Labubu,” referring to the viral elf-like plush toy.

Ameriks used this comparison to reinforce Vanguard’s core view: Bitcoin produces “no income, no compounding, and no cash flow.”

As a result, the $12 trillion asset manager treats it as a “collectible rather than a productive asset.”

Moreover, Ameriks strengthened his argument by saying the firm has seen “no proof that the technology behind it offers lasting economic value.”

His analogy continues a tradition of critics comparing Bitcoin to speculative manias, such as 17th-century Dutch tulips and 1990s Beanie Babies.

These comparisons suggest that Bitcoin’s value is driven by scarcity narratives and the “greater fool theory,” rather than intrinsic utility or cash flows.

Access allowed, conviction withheld

The irony of Amerik’s comments is starkly highlighted by the dramatic policy shift that preceded them.

Recently, Vanguard, under the leadership of newly appointed CEO Salim Ramji, a former BlackRock executive with a background in crypto, reversed its years-long resistance to digital assets.

The firm, managing approximately $12 trillion in assets, allows clients to trade crypto-focused ETFs that hold coins like Bitcoin, Ethereum [ETH], Ripple [XRP], and Solana [SOL] on its brokerage platform, effectively placing them alongside gold and other mainstream assets.

Ameriks said the decision followed the January 2024 debut of spot Bitcoin ETFs, which helped stabilize market infrastructure and liquidity.

However, he emphasized that Vanguard offered access without endorsement or investment guidance.

Vanguard’s decision, therefore, represents a profound paradox at the heart of the maturing crypto market.

Firm’s journey so far with digital assets

The world’s second-largest asset manager began offering access to crypto ETFs and related mutual funds to its more than 50 million brokerage customers on the 2nd of December.

This monumental policy shift, which dramatically reversed Vanguard’s anti-crypto stance in 2024, was driven by rising client demand.

Andrew Kadjeski, head of brokerage and investments at Vanguard, said the ETF structure had “proven resilient during volatility” and maintained robust liquidity.

At the same time, Vanguard mocks Bitcoin as a “digital Labubu” and avoids launching its own crypto products, showing it wants to meet demand without endorsing the asset.


Final Thoughts

  • The firm’s refusal to endorse Bitcoin, even as it offers ETF access, reflects a strategy aimed at satisfying client demand without embracing the asset’s long-term vision.
  • As the ETF era expands, critics’ comparisons to toys and bubbles reveal the cultural gap Bitcoin must still bridge to gain full legitimacy.
Next: $300M wiped out – Could BOJ rate hike fears spark a crypto crash?

Source: https://ambcrypto.com/digital-labubu-why-vanguard-still-refuses-to-endorse-bitcoin/

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MoneyGram launches stablecoin-powered app in Colombia

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The post MoneyGram launches stablecoin-powered app in Colombia appeared on BitcoinEthereumNews.com. MoneyGram has launched a new mobile application in Colombia that uses USD-pegged stablecoins to modernize cross-border remittances. According to an announcement on Wednesday, the app allows customers to receive money instantly into a US dollar balance backed by Circle’s USDC stablecoin, which can be stored, spent, or cashed out through MoneyGram’s global retail network. The rollout is designed to address the volatility of local currencies, particularly the Colombian peso. Built on the Stellar blockchain and supported by wallet infrastructure provider Crossmint, the app marks MoneyGram’s most significant move yet to integrate stablecoins into consumer-facing services. Colombia was selected as the first market due to its heavy reliance on inbound remittances—families in the country receive more than 22 times the amount they send abroad, according to Statista. The announcement said future expansions will target other remittance-heavy markets. MoneyGram, which has nearly 500,000 retail locations globally, has experimented with blockchain rails since partnering with the Stellar Development Foundation in 2021. It has since built cash on and off ramps for stablecoins, developed APIs for crypto integration, and incorporated stablecoins into its internal settlement processes. “This launch is the first step toward a world where every person, everywhere, has access to dollar stablecoins,” CEO Anthony Soohoo stated. The company emphasized compliance, citing decades of regulatory experience, though stablecoin oversight remains fluid. The US Congress passed the GENIUS Act earlier this year, establishing a framework for stablecoin regulation, which MoneyGram has pointed to as providing clearer guardrails. This is a developing story. This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication. Get the news in your inbox. Explore Blockworks newsletters: Source: https://blockworks.co/news/moneygram-stablecoin-app-colombia
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