英国最大零售投资平台Hargreaves Lansdown（管理资产规模约达2250亿美元，以下简称HL）向客户发出一则极为严厉的警示：远离比特币。该公司告知客户，这种加密货币“毫无内在价值”，不应将其纳入终身储蓄和退休计划。
继德意志银行（Deutsche Bank）和埃利奥特管理公司（Elliott Management）之后，HL成为近期第三家提醒客户加密货币可能毫无价值的大型金融机构。
该公司在一份声明中表示：“虽然比特币的长期回报率为正值，但其曾多次遭遇极端亏损，属于高波动性投资——风险远高于股票或债券。HL秉持的投资观点是，比特币不属于资产类别，我们认为加密货币不具备纳入增长型或收益型投资组合的特质，也不应依赖其帮助客户达成财务目标。我们无法针对加密货币进行业绩预测分析，且与其他另类资产类别不同的是，它并不具备内在价值。”该声明还指出，该平台将开始为客户提供加密货币交易服务。
数日前，德意志银行向客户表示，比特币“毫无支撑”，尽管该行同时预测未来数年央行可能将其纳入储备资产。
今年1月，激进投资机构埃利奥特管理公司曾告诫客户，比特币将面临“不可避免的崩盘”，因其作为资产“毫无实质性价值”。
关于加密货币缺乏基本价值的论点，源于这样一种观点，即其他资产（股票、债券、现金、房地产或其衍生品）通常赋予持有者基本权利，如股息、利息、土地或其他法定权益。相比之下，加密货币仅充当交换媒介，其价格只反映供求平衡。
虽然HL关于比特币波动大且风险高的观点确有道理，但其交易确实能带来可观收益。当前比特币单枚价格为12.1万美元，年内涨幅达30%，而同期标普500指数涨幅仅为15%。（*）
译者：中慧言-王芳
英国最大零售投资平台Hargreaves Lansdown（管理资产规模约达2250亿美元，以下简称HL）向客户发出一则极为严厉的警示：远离比特币。该公司告知客户，这种加密货币“毫无内在价值”，不应将其纳入终身储蓄和退休计划。
继德意志银行（Deutsche Bank）和埃利奥特管理公司（Elliott Management）之后，HL成为近期第三家提醒客户加密货币可能毫无价值的大型金融机构。
该公司在一份声明中表示：“虽然比特币的长期回报率为正值，但其曾多次遭遇极端亏损，属于高波动性投资——风险远高于股票或债券。HL秉持的投资观点是，比特币不属于资产类别，我们认为加密货币不具备纳入增长型或收益型投资组合的特质，也不应依赖其帮助客户达成财务目标。我们无法针对加密货币进行业绩预测分析，且与其他另类资产类别不同的是，它并不具备内在价值。”该声明还指出，该平台将开始为客户提供加密货币交易服务。
数日前，德意志银行向客户表示，比特币“毫无支撑”，尽管该行同时预测未来数年央行可能将其纳入储备资产。
今年1月，激进投资机构埃利奥特管理公司曾告诫客户，比特币将面临“不可避免的崩盘”，因其作为资产“毫无实质性价值”。
关于加密货币缺乏基本价值的论点，源于这样一种观点，即其他资产（股票、债券、现金、房地产或其衍生品）通常赋予持有者基本权利，如股息、利息、土地或其他法定权益。相比之下，加密货币仅充当交换媒介，其价格只反映供求平衡。
虽然HL关于比特币波动大且风险高的观点确有道理，但其交易确实能带来可观收益。当前比特币单枚价格为12.1万美元，年内涨幅达30%，而同期标普500指数涨幅仅为15%。（*）
译者：中慧言-王芳
Hargreaves Lansdown, the largest retail investment platform in the U.K., which has about $225 billion in assets under management, issued a surprisingly harsh warning to its customers: Stay away from Bitcoin. The cryptocurrency has “no intrinsic value,” it told its clients, and should not be included in their life savings and retirement plans.
HL is the third large financial institution recently to remind customers that crypto might be based on nothing, following Deutsche Bank and Elliott Management.
“While longer-term returns of Bitcoin have been positive, Bitcoin has experienced several periods of extreme losses and is a highly volatile investment—much riskier than stocks or bonds. The HL investment view is that Bitcoin is not an asset class, and we do not think cryptocurrency has characteristics that mean it should be included in portfolios for growth or income and shouldn’t be relied upon to help clients meet their financial goals. Performance assumptions are not possible to analyze for crypto, and unlike other alternative asset classes it has no intrinsic value,” the company said in a statement that also noted the platform would begin offering crypto trades for customers.
A few days ago, Deutsche Bank told clients that Bitcoin was “backed by nothing” even though it would also likely end up being used as a reserve asset by central banks in the next few years.
And back in January, activist investor Elliott Management told clients that Bitcoin faced an “inevitable collapse” because as an asset it has “no substance.”
The argument that crypto has no fundamental value is based on the view that other assets—stocks, bonds, cash, property, or derivatives thereof—usually entitle holders to an underlying right, such as dividends, interest, land, or other legal rights. Crypto, by contrast, is merely a medium of exchange whose price reflects only the balance of supply and demand.
While HL is right that Bitcoin is volatile and risky, it has also been a profitable trade. Bitcoin is currently at $121,000 per coin and is up 30% this year, compared with the S&P 500, which is up 15%.