貝萊德表示僅將 2% 的投資組合投入比特幣，但加密貨幣研究公司 BRN 卻提出相反的建議

這家資產管理巨頭在周四的報告中表示，將比特幣添加到投資組合中類似於投資頂級科技股——回報豐厚，但風險很大。

Investors should allocate only up to 2% of their portfolios to Bitcoin, asset management giant BlackRock said Thursday.

資產管理巨頭貝萊德週四表示，投資者最多只能將其投資組合的 2% 分配給比特幣。

But crypto research firm BRN suggests otherwise, recommending an allocation 10x higher.

但加密貨幣研究公司 BRN 卻提出了不同的建議，建議將配置提高 10 倍。

BlackRock said adding Bitcoin to a portfolio is like investing in top tech stocks.

貝萊德表示，將比特幣添加到投資組合中就像投資頂級科技股一樣。

Investors should dedicate a maximum of 2% of their portfolios to Bitcoin, asset management giant BlackRock said in a report Thursday.

資產管理巨頭貝萊德週四在一份報告中表示，投資者應將最多 2% 的投資組合投入比特幣。

However, crypto research firm BRN suggests that this recommendation is far too conservative.

然而，加密貨幣研究公司 BRN 表示，這項建議過於保守。

"While BlackRock recommends allocating no more than 2% to Bitcoin, investors with a higher risk appetite and a long-term horizon could justify a larger allocation," said BRN analyst Valentin Fournier.

BRN 分析師 Valentin Fournier 表示：“雖然貝萊德建議比特幣的配置不超過 2%，但風險偏好較高且目光長遠的投資者可能會認為更大規模的配置是合理的。”

"Given that Bitcoin’s four-year market cycles align well with the typical 5-7 year investment horizon often recommended for stocks, the potential rewards outweigh the short-term volatility for risk-tolerant investors."

“鑑於比特幣的四年市場週期與通常建議的股票典型 5-7 年投資期限非常吻合，對於風險承受能力強的投資者來說，潛在回報超過了短期波動。”

BlackRock's Suggestion

貝萊德的建議

BlackRock's report said that adding Bitcoin to a portfolio is akin to investing in top tech stocks – rewarding but risky.

貝萊德的報告稱，將比特幣添加到投資組合中類似於投資頂級科技股——回報豐厚，但風險很大。

“Over its short history, Bitcoin has seen both major surges and selloffs,” the report said. “This volatility, plus Bitcoin’s unique characteristics, raises the question of what role it should play in portfolios.”

報告稱：“在其短暫的歷史中，比特幣經歷了大幅上漲和拋售。” “這種波動性，加上比特幣的獨特特徵，引發了一個問題：它應該在投資組合中扮演什麼角色。”

It then suggests that "a reasonable range for Bitcoin exposure" was less than 3% of a portfolio's total value, adding that the leading cryptocurrency is risky due to its lack of underlying cash flows.

然後，它建議「比特幣風險敞口的合理範圍」低於投資組合總價值的 3%，並補充說，由於缺乏基礎現金流，領先的加密貨幣存在風險。

"In a traditional portfolio with a mix of 60% stocks and 40% bonds, those seven stocks each account for, on average, about the same share of overall portfolio risk as a 1-2% allocation to Bitcoin," the report said.

報告指出：「在由60% 股票和40% 債券組成的傳統投資組合中，平均而言，這七隻股票在整體投資組合風險中所佔的份額與1-2% 的比特幣配置大致相同。 」

Looking ahead, BlackRock believes Bitcoin could become less risky but "at that point it might no longer have a structural catalyst for further sizable price increases."

展望未來，貝萊德認為比特幣的風險可能會降低，但“到那時它可能不再具有進一步大幅價格上漲的結構性催化劑。”

The report comes as Bitcoin continues to hover around its all-time high, flirting again with the $100K mark.

該報告發布之際，比特幣繼續徘徊在歷史高點附近，再次逼近 10 萬美元大關。

BlackRock's Bitcoin ETF, IBIT, also recently surpassed its iShares Gold ETF (IAU) in terms of net assets.

貝萊德的比特幣 ETF IBIT 最近在淨資產方面也超過了 iShares 黃金 ETF (IAU)。

BRN's Suggestion

BRN的建議

Instead, BRN recommends an allocation 10x higher than BlackRock. "Its high potential returns suggest that such investors could reasonably allocate a 10-20% share of their portfolio to digital assets, particularly if they are willing to embrace Bitcoin’s unique growth dynamics," said Fournier.

相反，BRN 建議的配置比貝萊德高 10 倍。 Fournier 表示：“其高潛在回報表明，此類投資者可以合理地將其投資組合的 10-20% 份額分配給數位資產，特別是如果他們願意接受比特幣獨特的成長動力。”

"As Bitcoin matures and its risk profile shifts closer to gold’s, investors may consider rebalancing their portfolios toward stocks or other assets to maintain a balanced risk/reward exposure. For now, Bitcoin remains a compelling choice for those seeking high-reward opportunities in an evolving financial landscape."

「隨著比特幣的成熟，其風險狀況逐漸接近黃金，投資者可能會考慮重新平衡其投資組合，轉向股票或其他資產，以保持平衡的風險/回報敞口。目前，對於那些在經濟中尋求高回報機會的人來說，比特幣仍然是一個令人信服的選擇。