Illustrative image of an individual holding a physical Bitcoin (BTC) token in front of a screen displaying a candlestick chart of Bitcoin’s price fluctuations on July 17, 2025, in Chongqing, China – Image: Cheng Xin/Getty Images
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The United Kingdom’s prolonged ban on retail investors accessing cryptocurrency exchange-traded notes (ETNs) was lifted on October 8. Exchange-traded notes are debt instruments linked to one or more specific assets. In this case, they allow traders to gain exposure to digital tokens through a regulated exchange.
The new regulations prompted Hargreaves Lansdowne, the UK’s largest retail investment platform, to issue a cautionary note to retail investors in the UK.
“From Hargreaves Lansdowne’s investment perspective, Bitcoin is not considered an asset class. We do not believe cryptocurrencies possess the characteristics suitable for inclusion in a portfolio aimed at growth or income generation, and should not be relied upon to help clients achieve their financial goals,” Hargreaves Lansdowne stated.
“It is impossible to analyze assumptions about cryptocurrency performance, and unlike other alternative assets, it lacks intrinsic value.”
When UK officials announced earlier this year that the ETN ban would be lifted, they suggested the move would support “the growth and competitiveness of the UK’s cryptocurrency industry.” Cryptocurrency firms hailed the decision as a significant breakthrough for the sector in the UK.
The government also ruled on October 8 that investors could hold cryptocurrency ETNs in stocks and shares ISAs, a tax-free investment account allowing up to £20,000 ($26,753) annually.
Massive Gains and Heavy Losses
Due to their decentralized nature and lack of regulation by central authorities like governments, cryptocurrencies have faced criticism, and their prices are notoriously volatile. In 2022, a period dubbed the “crypto winter” resulted in investors losing $2 trillion. However, Bitcoin—the most traded cryptocurrency—has yielded massive returns for early investors, recently trading around $121,508.
Nonetheless, Hargreaves Lansdowne continues to urge investors to consider the risks associated with all cryptocurrencies, including Bitcoin.
“While Bitcoin’s long-term gains are promising, it has experienced significant downturns and remains a highly volatile, riskier investment compared to stocks or bonds,” the firm noted.
However, the company acknowledged that some traders wish to “speculate on cryptocurrency ETNs,” and thus, they will offer this opportunity to suitable clients starting in 2026.
Institutional Backing
Cryptocurrencies have long divided market observers, with some major institutions investing in digital assets while others warn of risks.
In September 2025, Morgan Stanley announced plans to offer cryptocurrency trading to retail investors through its E-Trade division. This marked the first major US bank to provide wealthy clients with access to Bitcoin funds, a move later followed by other banks.
Meanwhile, JPMorgan plans to enter the stablecoin space, despite CEO Jamie Dimon’s consistent criticism of cryptocurrencies. Billionaire investor Warren Buffett has also been a vocal critic of the asset class.
Chris Mellor, Head of EMEA Equity ETF Product Management at Invesco, told CNBC on October 9 that he believes digital assets can offer investors a hedge against volatility in more traditional assets.
“Bitcoin and other cryptocurrencies are sometimes referred to as ‘digital gold,’ raising the question of whether Bitcoin could one day replace gold as the preferred non-monetary asset,” he said via email. “In our view, there is room for both in a portfolio. It’s worth noting that correlations can shift; in recent months, we’ve observed Bitcoin having a very low correlation with stocks, US Treasury bonds, and gold.”
Meanwhile, Nigel Green, CEO of financial advisory firm DeVere Group, argued that Bitcoin’s recent surge past $125,000 signals the digital asset’s entry into mainstream finance.
“Investors no longer view Bitcoin as a fringe asset,” he told CNBC. “Volatility persists, but it’s now productive volatility—the kind associated with price discovery in a maturing market. Short-term fluctuations are inevitable as capital flows at this scale.”
Green described this as “a structural realignment, not a temporary price spike” for Bitcoin, citing the Trump administration’s favorable policies as further bolstering the asset’s credibility.
“Bitcoin holders have become more resilient, organized, and patient,” he added. “For strategically minded investors, Bitcoin remains a solid, long-term investment.”
– 15:27 10/10/2025
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