貝萊德提議將比特幣納入傳統 60/40 投資組合

全球最大的資產管理公司貝萊德提議將比特幣納入傳統的 60/40 投資組合，建議配置比例為 1% 至 2%。

World’s largest asset manager, BlackRock, has suggested including Bitcoin in traditional 60/40 investment portfolios, with a recommended allocation of 1% to 2%.

全球最大的資產管理公司貝萊德建議將比特幣納入傳統的 60/40 投資組合中，建議配置為 1% 至 2%。

This proposal, outlined in a report titled "Sizing Bitcoin in Portfolios" by the BlackRock Investment Institute, marks a shift in the asset manager's stance on Bitcoin, which has garnered significant attention as it crossed the $100,000 threshold.

貝萊德投資研究所在一份題為「調整投資組合中的比特幣規模」的報告中概述了這一提議，標誌著該資產管理公司對比特幣立場的轉變，比特幣在突破10 萬美元門檻後引起了廣泛關注。

The report positions Bitcoin as a potential tool for diversification, alongside major companies like Nvidia, Amazon, and Apple, which generate revenue through products and services, unlike Bitcoin, which functions primarily as a store of value.

該報告將比特幣定位為潛在的多元化工具，與英偉達、亞馬遜和蘋果等大公司並列，這些公司透過產品和服務產生收入，而比特幣則主要作為價值儲存手段。

If 1% of BlackRock’s $5.2 trillion equity holdings were allocated to Bitcoin, it would generate $50 billion in new demand for the digital asset.

如果貝萊德持有的 5.2 兆美元股權中的 1% 分配給比特幣，那麼將為該數位資產帶來 500 億美元的新需求。

Over the past year, Bitcoin’s price has surged by over 130%, outpacing the S&P 500’s 32% rise during the same period.

過去一年，比特幣價格飆升超過 130%，超過同期標準普爾 500 指數 32% 的漲幅。

The report, led by Samara Cohen, Chief Investment Officer of ETF and Index Investments, compares Bitcoin’s risk profile to the "Magnificent 7" tech giants, which account for a significant portion of the S&P 500’s market capitalization.

該報告由 ETF 和指數投資首席投資官 Samara Cohen 領導，將比特幣的風險狀況與「七大」科技巨頭進行了比較，這些科技巨頭在標準普爾 500 指數市值中佔據了很大一部分。

“These [stocks] provide an example of single portfolio holdings that account for a comparatively large share of portfolio risk,” the report states.

報告指出：“這些[股票]提供了單一投資組合持有的例子，它們在投資組合風險中所佔的份額相對較大。”

Bitcoin's $2 trillion market capitalization and low correlation with traditional markets highlight its potential for diversification.

比特幣 2 兆美元的市值以及與傳統市場的低相關性凸顯了其多元化的潛力。

The report also notes a shift in Bitcoin’s market behavior since mid-2023, where it began to diverge from technology stocks due to factors like geopolitical tensions, financial system fragmentation, and declining trust in traditional banking.

該報告還指出，自 2023 年中期以來，比特幣的市場行為發生了變化，由於地緣政治緊張局勢、金融體系碎片化以及對傳統銀行業信任度下降等因素，比特幣開始與科技股出現分化。

Cohen outlines a framework for using Bitcoin to enhance diversification while addressing its price volatility, which has included steep declines historically.

科恩概述了一個使用比特幣增強多元化的框架，同時解決其價格波動問題，其中包括歷史上的急劇下跌。

The analysis shows that a 1% allocation of Bitcoin adds 2% to overall risk, while a 2% allocation increases risk to 5%. Larger allocations contribute disproportionately to risk, with a 4% allocation accounting for 14% of overall risk, leading to a recommendation to cap allocations at 2%.

分析顯示，1% 的比特幣配置會使整體風險增加 2%，而 2% 的比特幣配置會使風險增加至 5%。較大的分配對風險的貢獻不成比例，4% 的分配佔整體風險的 14%，因此建議將分配上限控制在 2%。

BlackRock anticipates that Bitcoin’s characteristics may evolve as the asset matures, potentially taking on a role similar to gold in investment portfolios, which would involve more tactical uses, such as hedging against specific risks.

貝萊德預計，比特幣的特徵可能會隨著資產的成熟而演變，可能在投資組合中扮演類似黃金的角色，這將涉及更多的戰術用途，例如對沖特定風險。

The firm's growing involvement in Bitcoin reflects broader market trends. In 2022, BlackRock partnered with Coinbase to offer institutional access to Bitcoin and currently manages the iShares Bitcoin Trust (IBIT), the world's largest Bitcoin ETF with $50.8 billion in assets.

該公司越來越多地參與比特幣反映了更廣泛的市場趨勢。 2022 年，貝萊德與 Coinbase 合作，為該機構提供比特幣接入，目前管理 iShares 比特幣信託 (IBIT)，這是全球最大的比特幣 ETF，資產規模達 508 億美元。

As Bitcoin adoption expands, BlackRock continues to explore its potential as a diversification tool while navigating its inherent risks.

隨著比特幣採用的擴大，貝萊德繼續探索其作為多元化工具的潛力，同時應對其固有風險。