Hargreaves Lansdown Lists Bitcoin for 2 Million Clients Despite Late Entry
Hargreaves Lansdown, one of the UK's largest investment platforms, has listed Bitcoin for its approximately 2 million clients. However, this move comes five months too late, as a tax break for savers was closed in April.
The platform now offers nine products that track the Bitcoin price, managed by firms like BlackRock and CoinShares. Fees range from 0% to 0.35% per year.
Despite this development, Hargreaves Lansdown still labels these products as high-risk, and most clients cannot buy them due to a £100,000 annual income or £250,000 in savings requirement. Buyers must also pass an appropriateness test and wait 24 hours before investing.
The key issue is that investors do not actually own any Bitcoin; instead, they hold a promise from the firm behind the note. This distinction affects the tax implications and accessibility of these products.