A senior Vanguard executive this week likened Bitcoin to a speculative toy, even as the asset manager moved to allow clients to trade crypto-linked exchange-traded funds—underscoring continued skepticism toward digital assets despite recent national policy shifts. According to a report by Bloomberg, John Ameriks, Vanguard’s global head of quantitative equity, said Bitcoin lacked the cash flow and compounding characteristics the firm sought in long-term investments. Speaking at Bloomberg’s ETFs in Depth co ...