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…

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