儘管波動性較高，比特幣仍勝過傳統投資

比特幣仍然是一種需要分類的特殊資產，因為它因其高風險和投資回報而受到關注。

Despite being a relatively new asset class, Bitcoin has garnered attention for its high risk and return on investment. This article analyzes Bitcoin's ROI and compares it to more conventional investment styles regarding return, risk, and fluctuation of BTC. A decade's worth of ROI analysis showcases Bitcoin's unique means of growing and fluctuating compared to stocks, bonds, and commodities.

儘管比特幣是一種相對較新的資產類別，但因其高風險和投資回報而受到關注。本文分析了比特幣的投資報酬率，並將其與更傳統的投資方式進行了比較，包括比特幣的回報、風險和波動。十年來的投資報酬率分析展示了與股票、債券和大宗商品相比，比特幣獨特的成長和波動方式。

On average, Bitcoin delivered better returns per year than traditional investments as adoption and popularity soared in the last decade. For instance, Bitcoin yielded an annualized return of 671% since 2013, far higher than other traditional types of assets. In 2023, Bitcoin soared by 156% compared to the S&P 500’s 25% and U.S. bonds' 5% return.

平均而言，隨著過去十年比特幣採用率和受歡迎程度的飆升，比特幣每年比傳統投資帶來更好的回報。例如，自2013年以來，比特幣的年化報酬率為671%，遠高於其他傳統資產類型。 2023 年，比特幣飆升了 156%，而標準普爾 500 指數的回報率為 25%，美國債券的回報率為 5%。

Even high-yielding corporate bonds and commodities lagged behind Bitcoin with respective returns of 12% and -2%. However, Bitcoin's coefficients of variation for the same period remained noticeably higher than those of traditional asset classes, with annualized volatility often exceeding 200% in its early years of trading and ranging between 40% and 70% in the more recent period.

即使是高收益的公司債和大宗商品也落後於比特幣，回報率分別為 12% 和 -2%。然而，比特幣同期的波動係數仍明顯高於傳統資產類別，交易初期年化波動率往往超過 200%，最近一段時間則在 40% 至 70% 之間。

This high volatility in Bitcoin adds an extra risk that deters traditional investors, but it has provided better risk-adjusted returns compared to most assets in the past. Hence, measures like the Sortino Ratio, which consider the downside risk of return, have highlighted Bitcoin's enhanced performance over the years, indicating that these great returns have come at the right risk.

比特幣的高波動性增加了額外的風險，令傳統投資者望而卻步，但與過去的大多數資產相比，它提供了更好的風險調整回報。因此，像索蒂諾比率這樣考慮回報下行風險的指標，突顯了比特幣多年來表現的增強，表明這些巨大的回報是在適當的風險下實現的。

Data from Fidelity International reveals that Bitcoin's 5-year risk-adjusted returns surpassed traditional assets, reflecting investors’ compensation for assuming its inherent volatility.

富達國際的數據顯示，比特幣的5年風險調整報酬率超過了傳統資產，反映了投資者對其固有波動性的補償。

Moreover, Bitcoin's drawdowns, or peak-to-trough declines, were steeper than most traditional assets over the last five years, with larger maximum drawdowns than equities and bonds. However, its realized monthly returns often exhibit a positive skew, driven by periodic surges yielding considerable gains. In contrast to individual stocks in the S&P 500, Bitcoin's 360-day realized volatility fell below certain high-profile securities, suggesting a gradual stability in the asset's performance over time.

此外，在過去五年中，比特幣的回撤或從峰到谷的下降幅度比大多數傳統資產都要大，最大回撤也比股票和債券更大。然而，在週期性飆升的推動下，其實現的月度回報往往表現出正偏差，產生可觀的收益。與標準普爾 500 指數中的個股相比，比特幣的 360 天實際波動率低於某些備受矚目的證券，這表明該資產的表現隨著時間的推移逐漸穩定。

Due to improved market access and regulatory developments, Bitcoin is becoming more appealing to institutional investors. Custodial solutions, like self-custody and third-party full custody, have provided investors with additional avenues for securely holding Bitcoin.

由於市場准入的改善和監管的發展，比特幣對機構投資者越來越有吸引力。自我託管和第三方完全託管等託管解決方案為投資者提供了安全持有比特幣的額外途徑。

By addressing technology-related risks, institutional-grade custody options have enhanced security, considering that over $1.7 billion of assets were reportedly stolen in 2023 despite a 54% decrease in platform-related losses from the previous year.

透過解決技術相關風險，機構級託管選項增強了安全性，考慮到據報道 2023 年有超過 17 億美元的資產被盜，儘管平台相關損失比上一年減少了 54%。

Increased acceptance of exchange-traded products (ETPs) for Bitcoin has paved the way for easier, regulated exposure to the asset. Unlike self-custody, ETPs simplify entry for investors by integrating full-custody solutions managed by specialized custodians. The recent approval of Bitcoin spot ETFs in the U.S. is expected to further institutional involvement, potentially reducing volatility as market depth and liquidity expand.

比特幣交易所交易產品（ETP）的接受度不斷提高，為更輕鬆、受監管的資產敞口鋪平了道路。與自我託管不同，ETP 透過整合由專業託管人管理的完全託管解決方案來簡化投資者的進入。美國最近批准的比特幣現貨 ETF 預計將進一步促進機構參與，隨著市場深度和流動性的擴大，可能會減少波動性。