The debate over Bitcoin: speculative asset or real value tool?

2026-01-20 13:02:03

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Vanguard executives maintain a critical but nuanced stance regarding bitcoin. John Ameriks, head of global quantitative strategies at the firm, has expressed a perspective that clearly divides between what bitcoin represents today and what it could mean in extreme circumstances.

Bitcoin as a speculative asset: The prevailing view

For Ameriks, under normal market conditions, bitcoin primarily functions as a speculative asset. His comparison is illustrative: similar to investing in collectibles, the value of bitcoin depends more on market perception and speculative demand than on tangible fundamental factors. This assessment reflects the traditional view held by many financial institutions about cryptocurrencies in general.

Scenarios where Bitcoin could transcend speculation

However, Ameriks does not completely dismiss its potential utility. In contexts of severe inflation or political crises, bitcoin could acquire a genuine functional purpose beyond seeking speculative gains. In these situations, where confidence in fiat currencies erodes or political stability is compromised, the cryptocurrency could become a mechanism for preserving real value for investors.

This bifurcated view—rejection in normal times, potential recognition in crises—suggests that even traditional skeptics consider that bitcoin possesses characteristics that go beyond mere speculation when global circumstances demand it.

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