Vanguard Strategist Questions Bitcoin’s Future Amid Policy Changes

TLDR

• Vanguard manages $11 trillion and allows Bitcoin ETF trading.
• Ameriks labels Bitcoin as a ‘digital Labubu’ asset.
• Over 50 million clients can access Bitcoin and Ether ETFs.

Vanguard Chief Investment Strategist, John Ameriks, described Bitcoin as more of a “digital Labubu” rather than a pivotal asset. This opinion was shared on December 11, 2025. His comments suggest skepticism about Bitcoin’s future unless tokenization of real-world assets (RWA) gains traction.

Ameriks’ view emerges amidst Vanguard’s new policy initiated in early December 2025. The policy permits trading of Bitcoin and crypto ETFs on its platform, which manages $11 trillion in assets. This change responds to matured fund processes and investor demand.

Contrasting Views from Vanguard Executives

Vanguard previously perceived cryptocurrencies as too volatile for long-term portfolios. However, under CEO Salim Ramji, the firm reconsidered its stance. Romji, a former BlackRock executive, headed the launch of Bitcoin ETFs. In July 2025, he stated that Vanguard had no immediate plans to introduce its own crypto products. Nonetheless, the firm supports access to third-party crypto offerings.

Eric Balchunas, Bloomberg’s Senior ETF Analyst, tweeted Ameriks’ remarks. He highlighted that Bitcoin might remain a speculative asset if real-world tokenization doesn’t progress significantly.

Developments in Vanguard’s Crypto Trading Policies

Despite Ameriks’ stance, Vanguard’s current policy continues granting its clients, over 50 million globally, access to Bitcoin and Ether ETFs. These ETFs have been approved since January 2024. Vanguard’s head of brokerage and investments, Andrew Kadjeski, praised cryptocurrency ETFs’ resilience and liquidity through market volatility, citing improved back-office operations.

Vanguard’s decision to exclude meme coins aligns with its cautious approach to cryptocurrency products. However, the firm remains committed to offering select crypto investments, potentially boosting inflows without launching proprietary products.

Impacts on Bitcoin and Associated Assets

Bitcoin, often referred under the “digital Labubu” label by Ameriks, remains core to these developments. ETF access might influence not just Bitcoin but other assets like Ether and Solana. Yet, Vanguard’s strategy focuses on established cryptocurrencies rather than governance aspects.

Regulators such as the SEC, CFTC, and ESMA continue to facilitate ETF transactions, but no fresh statements have been issued regarding these developments. Read more on ETF trends from Eric Balchunas. The industry anticipates tokenization advances as Bitcoin’s potential driver.

Future Outlook on Crypto at Vanguard

Vanguard’s evolving crypto stance defies its past hesitations but reassures clients of accessible crypto solutions via established fund processes. This approach responds to a growing interest within its expansive client base.

While Ameriks questioned Bitcoin’s status, other Vanguard experts perceive value in tested crypto funds. As sentiments bounce between skepticism and acceptance, the trading community remains alert to more developments in Bitcoin’s role and the tokenization trend.