知名投資機構： 比特幣“并非資產”且“毫無內在價值”
Jim Edwards
2025-10-14
Hargreaves Lansdown首席執行官理查德·弗林特（Richard Flint）。圖片來源：Courtesy of Hargreaves Lansdown
英國最大零售投資平臺Hargreaves Lansdown（管理資產規模約達2250億美元，以下簡稱HL）向客戶發出一則極為嚴厲的警示：遠離比特幣。該公司告知客戶，這種加密貨幣“毫無內在價值”，不應將其納入終身儲蓄和退休計劃。
繼德意志銀行（Deutsche Bank）和埃利奧特管理公司（Elliott Management）之后，HL成為近期第三家提醒客戶加密貨幣可能毫無價值的大型金融機構。
該公司在一份聲明中表示：“雖然比特幣的長期回報率為正值，但其曾多次遭遇極端虧損，屬于高波動性投資——風險遠高于股票或債券。HL秉持的投資觀點是，比特幣不屬于資產類別，我們認為加密貨幣不具備納入增長型或收益型投資組合的特質，也不應依賴其幫助客戶達成財務目標。我們無法針對加密貨幣進行業績預測分析，且與其他另類資產類別不同的是，它并不具備內在價值。”該聲明還指出，該平臺將開始為客戶提供加密貨幣交易服務。
數日前，德意志銀行向客戶表示，比特幣“毫無支撐”，盡管該行同時預測未來數年央行可能將其納入儲備資產。
今年1月，激進投資機構埃利奧特管理公司曾告誡客戶，比特幣將面臨“不可避免的崩盤”，因其作為資產“毫無實質性價值”。
關于加密貨幣缺乏基本價值的論點，源于這樣一種觀點，即其他資產（股票、債券、現金、房地產或其衍生品）通常賦予持有者基本權利，如股息、利息、土地或其他法定權益。相比之下，加密貨幣僅充當交換媒介，其價格只反映供求平衡。
雖然HL關于比特幣波動大且風險高的觀點確有道理，但其交易確實能帶來可觀收益。當前比特幣單枚價格為12.1萬美元，年內漲幅達30%，而同期標普500指數漲幅僅為15%。（財富中文網）
譯者：中慧言-王芳
英國最大零售投資平臺Hargreaves Lansdown（管理資產規模約達2250億美元，以下簡稱HL）向客戶發出一則極為嚴厲的警示：遠離比特幣。該公司告知客戶，這種加密貨幣“毫無內在價值”，不應將其納入終身儲蓄和退休計劃。
繼德意志銀行（Deutsche Bank）和埃利奧特管理公司（Elliott Management）之后，HL成為近期第三家提醒客戶加密貨幣可能毫無價值的大型金融機構。
該公司在一份聲明中表示：“雖然比特幣的長期回報率為正值，但其曾多次遭遇極端虧損，屬于高波動性投資——風險遠高于股票或債券。HL秉持的投資觀點是，比特幣不屬于資產類別，我們認為加密貨幣不具備納入增長型或收益型投資組合的特質，也不應依賴其幫助客戶達成財務目標。我們無法針對加密貨幣進行業績預測分析，且與其他另類資產類別不同的是，它并不具備內在價值。”該聲明還指出，該平臺將開始為客戶提供加密貨幣交易服務。
數日前，德意志銀行向客戶表示，比特幣“毫無支撐”，盡管該行同時預測未來數年央行可能將其納入儲備資產。
今年1月，激進投資機構埃利奧特管理公司曾告誡客戶，比特幣將面臨“不可避免的崩盤”，因其作為資產“毫無實質性價值”。
關于加密貨幣缺乏基本價值的論點，源于這樣一種觀點，即其他資產（股票、債券、現金、房地產或其衍生品）通常賦予持有者基本權利，如股息、利息、土地或其他法定權益。相比之下，加密貨幣僅充當交換媒介，其價格只反映供求平衡。
雖然HL關于比特幣波動大且風險高的觀點確有道理，但其交易確實能帶來可觀收益。當前比特幣單枚價格為12.1萬美元，年內漲幅達30%，而同期標普500指數漲幅僅為15%。（財富中文網）
譯者：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%.
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