Executives at Vanguard, one of the largest asset managers worldwide, have questioned the speculative nature of bitcoin, although they acknowledge its potential in adverse economic contexts. John Ameriks, head of quantitative investing at the company, compared the digital asset to speculation in collectibles but nuanced his criticism by noting that during periods of high inflation or political crisis, this digital currency could transcend its purely speculative nature and acquire real functional value.

Vanguard's stance reflects a dual perspective on bitcoin: on one hand, it remains skeptical of its use as a traditional speculative instrument, but on the other hand, it recognizes that in scenarios of accelerated depreciation of fiat currencies or geopolitical instability, the cryptocurrency could serve as a protection mechanism and store of value, moving beyond its purely speculative nature to become an asset with concrete economic applications.