Bitcoin News Today: Financial Sector Splits on Bitcoin: Skeptics Warn, Market Embraces Digital Gold
Bitcoin, the largest cryptocurrency by market capitalization, has come under scrutiny from major financial institutions, including Hargreaves Lansdown, the UK's largest retail investment platform with £225 billion in assets under management. The firm has issued a stark warning to investors, stating that BitcoinBTC-- "has no intrinsic value" and should notNOT-- be considered an asset class [1]. This position aligns with recent criticisms from Deutsche BankDB-- and Elliott Management, which have also questioned the fundamental value of cryptocurrencies [1].
Hargreaves Lansdown emphasized that Bitcoin's volatility and lack of tangible underpinnings make it a risky proposition for long-term financial planning. "Performance assumptions are not possible to analyse for crypto, and unlike other alternative asset classes, it has no intrinsic value," the firm stated [1]. The warning follows the UK's recent decision to lift a four-year ban on retail investors accessing crypto exchange-traded notes (ETNs), a move aimed at fostering the country's crypto industry [1]. Despite this regulatory shift, Hargreaves Lansdown cautioned that Bitcoin's price swings-marked by periods of extreme losses-render it "much riskier than stocks or bonds" [1].
The firm's stance reflects broader skepticism within the financial sector. JPMorganJPM-- CEO Jamie Dimon reiterated his long-held view that Bitcoin has "no intrinsic value," citing its historical association with illicit activities such as money laundering [4]. Similarly, Warren Buffett has openly criticized cryptocurrencies, reinforcing the institutional divide on their legitimacy as assets [6]. However, proponents argue that Bitcoin's properties-scarcity, divisibility, and decentralization-position it as a modern form of digital gold. Chris Mellor of Invesco noted that Bitcoin's low correlation with traditional assets could offer a hedge against market volatility [6].
Market performance data adds complexity to the debate. Bitcoin has surged to $121,000 in October 2025, up 30% year-to-date, outpacing the S&P 500's 15% gain [1]. Over a 10-year horizon, Bitcoin's total return of ~38,000% far exceeds the S&P 500's ~148% . Yet its volatility remains a concern. The S&P 500's seven-day realized volatility has spiked to 169% in 2025, surpassing Bitcoin's 83%, according to TradingView data . This shift challenges earlier perceptions of Bitcoin as the riskier asset.
Critics of the "no intrinsic value" argument highlight Bitcoin's functional role as a medium of exchange and store of value. A rebuttal article from Pleb Underground argues that Bitcoin's fixed supply and code-based properties make it uniquely suited to fulfill the monetary functions of durability, portability, and scarcity [5]. Nigel Green of DeVere Group further contended that Bitcoin's recent climb past $125,000 signals its integration into the financial mainstream, with "productive volatility" now characteristic of a maturing market [6].
Institutional adoption is another key factor. Morgan Stanley and JPMorgan have expanded crypto offerings to retail clients, while the UK's FCA has allowed crypto ETNs to be held in tax-free ISA accounts [1]. Hargreaves Lansdown itself will permit "appropriate clients" to trade crypto ETNs from early 2026 [1]. This duality-acknowledging demand while cautioning against its risks-reflects a broader industry tension between innovation and caution.
The debate underscores a fundamental question: Can an asset without physical or legal underpinnings, like Bitcoin, achieve legitimacy in a traditionally conservative financial landscape? While Hargreaves Lansdown and its peers emphasize caution, market dynamics suggest growing acceptance. As regulatory frameworks evolve and institutional participation expands, the role of Bitcoin in portfolios may continue to shift, balancing its speculative allure with its potential as a decentralized store of value.
Comentarios
Aún no hay comentarios