Hargreaves Lansdown, the largest retail investment platform in the UK, has reignited the debate over Bitcoin’s legitimacy as an asset.

In a statement to clients, the firm cautioned that Bitcoin lacks any “intrinsic value” and should not be treated as part of a traditional investment portfolio, even as it prepares to introduce crypto trading for its users.

Managing roughly $225 billion in assets, the company described Bitcoin as “extremely volatile,” emphasizing that it has suffered steep declines multiple times throughout its history.

While acknowledging that the cryptocurrency has occasionally produced strong long-term returns, Hargreaves Lansdown insisted it does not recognize Bitcoin as a genuine asset class suitable for generating growth or income.

The firm explained that unlike other alternative investments, cryptocurrencies cannot be evaluated through standard financial metrics or performance models. “Their price movements are driven by speculation rather than fundamentals,” the statement suggested, adding that investors should remain cautious about treating digital assets as long-term holdings.

Hargreaves Lansdown’s warning aligns with a recent wave of skepticism from major institutions such as Deutsche Bank and Elliott Management, both of which have questioned Bitcoin’s underlying value and long-term sustainability.

Ironically, while voicing these concerns, Hargreaves Lansdown also confirmed it is preparing to launch crypto trading features for its clients. The move is aimed at responding to growing retail demand for digital assets, even as the company continues to distance itself from endorsing them as sound investments.