BlockBeats News, October 10th. Hargreaves Lansdown, the UK’s largest retail investment platform with around $225 billion in assets under administration, has issued a surprisingly stern warning to its customers: stay away from Bitcoin. In the notification, it stated that Bitcoin has “no intrinsic value” and should not be part of individual savings or retirement plans.
Hargreaves Lansdown is the third major financial institution recently to caution customers that cryptocurrencies may have no underlying basis, following similar warnings from Deutsche Bank and Elliott Management.
In a statement, the company said, “While Bitcoin has seen positive long-term returns, it has gone through multiple extreme losses and is a highly volatile investment — far riskier than stocks or bonds. Hargreaves Lansdown’s investment view is that Bitcoin is not an asset class, and we don’t think cryptocurrency has the characteristics to be included in a portfolio to generate growth or income, nor should it be used to help clients meet their financial goals. The performance of cryptocurrency is assumed to be unanalyzable, and unlike other alternative asset classes, it has no intrinsic value.” The statement also mentioned that the platform will start offering cryptocurrency trading services to customers.
