Vanguard Equity Quant Says Bitcoin Still a Digital Toy, For Now

December 12, 2025, 4:51 PM UTC

Vanguard Group may now allow clients to trade spot Bitcoin exchange-traded funds, but one of the firm’s senior investment leaders says its underlying view of crypto remains unchanged.

Bitcoin is better understood as a speculative collectible — akin to a popular plush toy — than as a productive asset, according to John Ameriks, Vanguard’s global head of quantitative equity, who said the token lacks the income, compounding and cash-flow properties the firm looks for in long-term investments.

Absent clear evidence that the underlying technology delivers durable economic value, “it’s difficult for me to think about Bitcoin as anything ...

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