According to Bloomberg, although Vanguard Group has allowed clients to trade spot Bitcoin ETFs on its platform, its overall view on cryptocurrencies has not changed. John Ameriks, head of global quantitative equities at Vanguard, stated that Bitcoin should be viewed more as a speculative collectible rather than a productive asset with long-term investment properties, as it lacks income, compounding, and cash flow features, and compared it to a "digital version of Labubu." He pointed out at the Bloomberg ETF Conference in New York that it is difficult to consider Bitcoin as an investment-grade asset until there is clear evidence that the relevant technology can sustain economic value.