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華爾街日報Vanguard Exec Says Bitcoin Is Like 'A Digital Labubu'
Bitcoin (CRYPTO: BTC) returned to the center of Wall Street's credibility debate after a senior Vanguard executive dismissed the asset as a speculative "digital toy."
Vanguard Executive Doubles Down On Bitcoin Skepticism
Vanguard Group Global Head of Quantitative Equity John Ameriks said Bitcoin lacks the income, compounding, and cash-flow characteristics the firm seeks in long-term investments.
Speaking at Bloomberg's ETFs in Depth conference in New York on Thursday, Ameriks compared Bitcoin to a viral plush toy collectible, calling it a "digital Labubu."
Absent evidence that the technology delivers durable economic value, Ameriks said it is difficult to view Bitcoin as anything beyond speculation.
ETF Access Opens, But Conviction Does Not Follow
Despite the criticism, Vanguard recently opened its trading platform to spot Bitcoin exchange-traded funds, allowing clients to buy and sell select cryptocurrency-linked products.
Ameriks said the decision followed the establishment of trading track records after the launch of U.S. spot Bitcoin ETFs in January 2024.
Vanguard does not plan to launch its own crypto-focused ETFs and will not provide guidance on buying or selling digital assets, Ameriks said.
Bitcoin's Volatility Keeps Long-Term Case Unclear
Ameriks acknowledged limited scenarios where Bitcoin could show non-speculative value, including periods of high inflation or political instability.
He said a clearer investment thesis would require consistent price behavior during those conditions, something Bitcoin's short history has yet to provide.
Vanguard remains constructive on blockchain technology itself and its potential to improve market structure, a firm spokesperson added.
Bitcoin Chart Shows Compression After Sharp Selloff
BTC Price Prediction (Source: TradingView)
Bitcoin remains under short-term pressure but has stabilized after a steep decline from recent highs.
BTC rebounded near $85,000 earlier this month and has since formed higher lows, signaling easing downside momentum.
However, BTC continues to trade below key moving averages, with the 20-day EMA near $91,500, the 50-day EMA around $96,400, and the 100-day EMA near $101,700.
Key Levels Define Next Move For Bitcoin
Immediate support sits between $88,500 and $89,000, while major support remains at $85,000.
On the upside, first resistance stands near $92,500, followed by a heavier supply zone between $96,000 and $98,000.
A break above $96,000 would signal a momentum shift, while a loss of $88,500 risks a quick retest of $85,000.
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