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The comments followed the asset management company’s policy change allowing its clients to trade crypto exchange-traded funds.
Bitcoin is a purely speculative asset and is akin to a collectible toy, according to John Ameriks, the global head of quantitative equity at asset management company Vanguard.
“It’s difficult for me to think about Bitcoin as anything more than a digital Labubu,” Ameriks said at Bloomberg’s ETFs in Depth conference in New York City.
Labulus are collectible plush toys featuring animals with anthropomorphic features. Despite Ameriks’ criticism, he said that Bitcoin (BTC) may have value beyond financial speculation in the future under certain circumstances.
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