00:01 Speaker A

Bitcoin has quote no intrinsic value.

00:04 Speaker A

That’s the blunt call from the United Kingdom’s biggest retail investment platform, Hargreves Landsdown.

00:10 Speaker A

Hargreves issued a public warning to its clients after UK regulators allowed some crypto products for retail investors.

00:17 Speaker A

The firm maintains that Bitcoin is not an asset class, and that it lacks characteristics needed for use in growth or income portfolios.

00:26 Speaker A

They bluntly assert, performance assumptions are not possible to analyze for crypto.

00:30 Speaker A

Now, having said all of that, they’re not ruling out offering crypto ETNs, that’s exchange trading notes on their platforms.

00:38 Speaker A

Yes, that sounds confusing, but that’s the world we live in. As long as Bitcoin is worth so much, even the most skeptical investors can’t afford to just sit on the sidelines.

00:46 Speaker A

It will be interesting to see how the clients of this platform react as the call is already drawing criticism by crypto believers.