Pioneer Group's global quantitative stock chief recently made several comments at Bloomberg's ETF conference. This gentleman directly compared Bitcoin to "Digital Labubb"—which is the kind of collectible plush toy—and essentially called it a speculative asset.

Interestingly, Pioneer Group itself has already opened up cryptocurrency trading, yet the executives come out and say such things. Their stance change is quite rapid. But from his perspective, it seems he's emphasizing Bitcoin's speculative nature, considering it not a long-term asset allocation choice.

There has been ongoing debate about whether Bitcoin is a commodity, currency, or purely a speculative asset. But more and more institutions are getting involved in this space, which in itself says something.