新報告認為，比特幣（BTC）應視為技術股，而不是數字黃金。

儘管比特幣（BTC）的支持者通常將最大的加密貨幣視為黃金的數字版本，但全球銀行標準憲章的一份新報告認為，投資者應該更像是一種具有額外好處的技術股票。

Bitcoin (BTC) is frequently viewed by its supporters as a digital commodities like a new-age gold, however, a new report by Standard Chartered sees the world’s biggest cryptocurrency more closely aligned with a tech stock—with some extra advantages.

比特幣（BTC）的支持者經常將其視為像新時代黃金這樣的數字商品，但是，標準包機的一份新報告認為，世界上最大的加密貨幣與技術股票更加緊密地對齊，並具有一些額外的優勢。

In a recent report, Geoff Kendrick, a strategist at the global bank, and the team pointed out that bitcoin’s correlation with the Nasdaq index has “almost always” been stronger compared to gold, the traditional safe-haven asset.

在最近的一份報告中，全球銀行的戰略家傑夫·肯德里克（Geoff Kendrick）指出，與傳統的避風港資產黃金（Gold）相比，比特幣與納斯達克指數的相關性“幾乎總是”更強。

According to the report, bitcoin might play a role as a place to hide in instances of financial instability, like the 2023 regional banking crisis or what might be the unsustainable U.S. debt trajectory. However, the report adds that there's rarely a need for such hedges, which explains why bitcoin's behavior is increasingly like that of a traditional tech stock.

根據該報告，比特幣可能在金融不穩定的情況下（例如2023年的區域銀行危機或可能是不可持續的美國債務軌跡）發揮作用。但是，該報告補充說，這種樹籬幾乎不需要，這解釋了為什麼比特幣的行為越來越像傳統的科技股一樣。

“Investors can view BTC as both a hedge against traditional finance and as part of their tech allocation,” said Kendrick. But, at least “in the short term, BTC may be better viewed as a tech stock than as a hedge against TradFi issues,” he added.

肯德里克說：“投資者可以將BTC視為反對傳統金融的對沖，也可以視為其技術分配的一部分。”但是，至少“在短期內，BTC可以更好地看作是技術股，而不是針對Tradfi問題的對沖。”

Further playing with the idea of bitcoin as part of a tech portfolio, the report proposed a remodel of the index of the so-called Magnificent 7 (Mag 7) stocks—the mega-cap tech names that have driven overall market returns of late, Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT), Nvidia (NVDA), Amazon (AMZN), Meta (META) and Tesla (TSLA). This new “Mag 7B” would swap out Tesla for bitcoin.

Further playing with the idea of​​ bitcoin as part of a tech portfolio, the report proposed a remodel of the index of the so-called Magnificent 7 (Mag 7) stocks—the mega-cap tech names that have driven overall market returns of late, Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT), Nvidia (NVDA), Amazon (AMZN), Meta (META) and特斯拉（TSLA）。這個新的“ MAG 7B”將把特斯拉換成比特幣。

The result? The Mag7B consistently generated higher risk-adjusted returns compared to the original group over the past seven years, reinforcing bitcoin's role in a tech-focused portfolio, said Kendrick. The Mag7B outperformed the Mag7 on average by about 1% with nearly 2% lower volatility on an annual basis, a key benefit to institutional investors and large asset allocators, he added.

結果？肯德里克說，與過去七年中的原始組相比，MAG7B始終產生更高的風險調整後收益，這加強了比特幣在以技術為重點的投資組合中的作用。他補充說，MAG7B的表現平均優於MAG7約1％，每年降低波動率近2％，這是機構投資者和大型資產分配者的關鍵好處。

“BTC should be seen as serving multiple purposes in investor portfolios. This would open up the possibility of even more institutional buying,” Kendrick noted.

肯德里克指出：“應該將BTC視為在投資者投資組合中提供多種目的。這將開闢更多機構購買的可能性。”

Asset managers have been including bitcoin in investment portfolios for diversification purposes. For example, BlackRock (NYSE:BLK), the world’s largest asset manager, recommended considering an up to 2% bitcoin allocation in traditional stock and bond portfolios. Meanwhile, asset managers like 21Shares and Bitwise have launched exchange-traded funds (ETFs) combining gold and bitcoin as complementary assets.

資產經理一直在投資組合中包括比特幣，以進行多元化。例如，世界上最大的資產經理BlackRock（NYSE：BLK）建議考慮在傳統股票和債券投資組合中分配多達2％的比特幣。同時，像21shares和Bitwise這樣的資產經理已經推出了將黃金和比特幣作為補充資產組合的交易所交易基金（ETF）。