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Jai Hamid

Vanguard opens spot Bitcoin ETF trading but still labels BTC a speculative ‘digital Labubu’

On December 12, 2025, Vanguard reiterated its view that Bitcoin is a speculative collectible with no income or cash flow, even as it allowed clients to trade spot Bitcoin ETFs. John Ameriks, the firm's global head of quantitative equity, compared Bitcoin to a "digital Labubu" and said its technology has not yet proven lasting economic value, while banks such as Standard Chartered and Bernstein revised their long-term price targets amid weakening demand and slower ETF inflows.