The honest picture? Many of the old reasons for avoiding Bitcoin altogether have weakened. The reasons for treating it with caution have not.

Outside a pension or ISA, selling or swapping crypto can trigger Capital Gains Tax at 18% or 24% above a £3,000 annual allowance. UK platforms now report customer details to HMRC, so keep good records. Expats should check the rules where they are tax resident.

Bitcoin is not the cornerstone of a financial plan. Your pension, ISAs, an emergency fund and a well-diversified portfolio will always do the heavy lifting. No single speculative asset should replace them.

But it does deserve a serious conversation. With regulated products, major institutions involved and clearer UK rules on the way, dismissing it out of hand no longer makes sense. It is now an asset class worth understanding properly.

And for the right client, it could be a small diversifier. For someone with a long time horizon, the capacity to absorb big losses and a clear understanding of the risks, a modest allocation (a few per cent of a larger portfolio, rebalanced regularly) may have a place. For many others, the right amount is still none.

If you're curious about Bitcoin, or already own some and want to know how it fits with everything else, talk to us. We'll look at it as part of your whole plan, not in isolation.

This article is for information only and is not financial advice. Crypto assets are high risk, and you could lose all the money you invest. They are not covered by the Financial Services Compensation Scheme. Past performance is not a guide to the future. Tax rules can change and depend on your circumstances.