UK's Largest Retail Investment Platform Hargreaves Lansdown Warns Clients to Stay Away from Bitcoin, Calling It 'Lacking Intrinsic Value'

BlockBeats News, October 10: Hargreaves Lansdown, the UK's largest retail investment platform managing approximately $225 billion in assets, issued an unexpectedly stern warning to its clients—stay away from Bitcoin. The notice stated that Bitcoin 'lacks intrinsic value' and should not be included in personal savings or retirement plans. Hargreaves Lansdown is the third major financial institution recently to caution clients that cryptocurrencies may lack any fundamental basis, following similar warnings from Deutsche Bank and Elliott Management. In a statement, the company said: 'Although Bitcoin's long-term returns are positive, it has experienced multiple extreme losses and is a highly volatile investment—its risks far exceed those of stocks or bonds. Hargreaves Lansdown's investment perspective is that Bitcoin is not an asset class. We believe cryptocurrencies do not possess the characteristics necessary to be included in a portfolio for growth or income, nor should they be used to help clients achieve financial goals. The performance assumptions of cryptocurrencies cannot be analyzed, and unlike other alternative asset classes, they lack intrinsic value.' The statement also mentioned that the platform will begin offering cryptocurrency trading services to clients.