比特幣：英國退休金計畫在投資加密貨幣後被貼上「極不負責任」的標籤

這個未命名的固定福利計劃成為英國第一個大幅下跌的計劃，上個月使用其 3% 的資產購買了加密貨幣。

A UK pension scheme has become the first to invest in Bitcoin.

英國退休金計劃成為第一個投資比特幣的計劃。

The defined-benefit scheme, which has not been named, used 3% of its assets to buy into the cryptocurrency last month.

該固定收益計劃（尚未透露名稱）上個月使用其 3% 的資產購買了加密貨幣。

Pension specialist Cartwright acted as an adviser to the scheme and said the allocation was a “strategic move that not only offers diversification but also taps into an asset class with a unique asymmetric risk-return profile”.

退休金專家卡特賴特擔任該計劃的顧問，並表示此次分配是「一項戰略舉措，不僅提供了多元化，而且還利用了具有獨特的不對稱風險回報特徵的資產類別」。

It claimed its approach meant the scheme could benefit from a significant potential bonus while limiting the possible negative outcomes.

它聲稱其方法意味著該計劃可以從巨大的潛在獎金中受益，同時限制可能的負面結果。

But some experts seem less enthusiastic about the decision, warning it bordered on “gambling with retirees' futures”.

但一些專家似乎對這項決定不那麼熱心，警告這近乎「拿退休人員的未來進行賭博」。

“This is a very strange decision. Pension funds should surely be investing for the long term rather than speculating over the short-term,” Colin Low, managing director at Kingsfleet, told Newspage.

“這是一個非常奇怪的決定。 Kingsfleet 董事總經理 Colin Low 告訴 Newspage，退休基金肯定應該進行長期投資，而不是進行短期投機。

“It is ironic that a pension fund, having one of the longest investment time horizons, should speculate its beneficiaries' assets on something that has no intrinsic value.”

“具有諷刺意味的是，擁有最長投資期限之一的退休基金竟然將其受益人的資產投機於沒有內在價值的東西。”

Daniel Wiltshire, actuary at Wiltshire Wealth, added: “This is deeply irresponsible. Pension trustees have an obligation to ensure scheme assets are managed prudently.

威爾特郡財富精算師丹尼爾·威爾特郡補充說：「這是非常不負責任的。退休金受託人有義務確保計劃資產得到審慎管理。

“This precludes taking punts on a basketcase asset class like crypto. For the sake of the members, I hope the regulator is paying attention.”

「這阻止了對加密貨幣等一攬子資產類別進行押注。為了會員的利益，希望監管部門重視。

Why are people so concerned?

為什麼人們如此擔心？

Bitcoin is the largest and oldest cryptocurrency, although other assets like ethereum, tether and dogecoin have also gained popularity over the years.

比特幣是最大、最古老的加密貨幣，儘管以太坊、泰達幣和狗狗幣等其他資產多年來也越來越受歡迎。

Some investors see cryptocurrency as a “digital alternative” to traditional money - but it is very volatile, with its price reliant on larger market conditions.

一些投資者將加密貨幣視為傳統貨幣的“數位替代品”，但它的波動性很大，其價格取決於更大的市場狀況。

Pension scheme trustees tend to be against taking big risks with retirees' funds.

退休金計畫受託人往往反對用退休人員的資金冒大風險。

Advice from the Financial Conduct Authority states “you should never invest money into crypto that you can't afford to lose” and warns people to be prepared to lose all their money.

金融行為監管局的建議指出，“你永遠不應該將資金投資於你無法承受損失的加密貨幣”，並警告人們要做好失去所有資金的準備。

And, while a 3% allocation doesn't sound like a lot, it's enough to make an impact on the pension fund's performance.

而且，雖然 3% 的分配聽起來不多，但足以對退休基金的表現產生影響。

This means that if Bitcoin continues to skyrocket, it could boost the scheme in a big way, but equally if it sinks, it could have a significant negative impact.

這意味著，如果比特幣繼續飆升，它可能會大大推動該計劃的發展，但同樣，如果比特幣下跌，也可能產生重大的負面影響。

As a defined pension scheme, it does mean the risk is being taken by the employer should there not be enough assets to meet future pension payments, rather than being borne by members.

作為一項固定退休金計劃，這確實意味著如果沒有足夠的資產來支付未來的退休金，風險將由雇主承擔，而不是由成員承擔。

Laith Khalaf, head of investment analysis at AJ Bell, says plenty of people have bought crypto personally, but it's harder to make the case for investing in it to diversify a pension portfolio.

AJ Bell 投資分析主管 Laith Khalaf 表示，許多人都親自購買了加密貨幣，但很難證明投資加密貨幣以實現退休金投資組合多元化的理由。

“While the price of Bitcoin is currently riding high, in the past we've seen strong performance quickly giving way to dramatic price falls. That in itself is a big hindrance to Bitcoin being adopted by consumers and businesses as a means of exchange,” he says.

「雖然比特幣的價格目前居高不下，但在過去，我們看到強勁的表現很快就被價格大幅下跌所取代。這本身就是比特幣被消費者和企業採用作為交換手段的一大障礙，」他說。

“If you think Bitcoin is the future of currency despite its volatility, ask yourself if you'd be willing to be paid by your employer or billed by your mortgage provider in the cryptocurrency.

「如果你認為比特幣是貨幣的未來，儘管它具有波動性，那麼問問你自己，你是否願意用加密貨幣由你的雇主支付費用或由你的抵押貸款提供者收取費用。

“It's possible Bitcoin will thrive and prove its doubters wrong, but it's also possible it will ultimately become worthless.”

“比特幣有可能會蓬勃發展並證明其懷疑者是錯誤的，但也有可能它最終會變得一文不值。”

Just last week, it hit a record high above $£99,000 - but less than two years before that it dropped below $17,000 following the collapse of crypto exchange FTX.

就在上週，它創下了 99,000 美元以上的歷史新高，但不到兩年前，隨著加密貨幣交易所 FTX 的崩潰，它跌破了 17,000 美元。

Some experts believe the potential pay-off means an investment in Bitcoin is a risk worth taking.

一些專家認為，潛在的回報意味著投資比特幣是值得承擔的風險。

Chris Barry, a director of Thomas Legal, says that anything less than a 5% allocation is “sensible”, and UK pension funds need to catch up to their US equivalents who have been investing in crypto for years.

Thomas Legal 董事 Chris Barry 表示，低於 5% 的分配比例都是“合理的”，英國退休基金需要趕上多年來一直投資加密貨幣的美國同行。

“Bitcoin is the top performing asset class over the past 10 years on average, even beating the NASDAQ. The direction of travel following Trump winning the US election is very bullish indeed,” he adds.

「比特幣是過去 10 年平均表現最好的資產類別，甚至超過了納斯達克指數。川普贏得美國大選後的發展方向確實非常樂觀，」他補充道。

David Belle, founder and trader at Fink Money, has a similar view, saying a pension scheme portfolio is about numbers trying to deliver a return.

Fink Money 的創辦人兼交易員 David Belle 也有類似的觀點，他表示退休金計畫投資組合的重點是試圖帶來回報的數字。

“A portfolio is just numbers made up of different betas, assets which either outperform or underperform a benchmark. Crypto is a fine asset class if it fits risk appetite

「投資組合只是由不同貝塔值組成的數字，這些資產要么跑贏基準，要么跑輸基準。如果加密貨幣符合風險偏好，那麼它就是優秀的資產類別