貝萊德的羅伯特·米奇尼克（Robert Mitchnick）拆除了比特幣是一項風險資產的敘述

儘管加密貨幣通常與波動性和風險有關，但貝萊德（Blackrock）數字資產負責人羅伯特·米奇尼克（Robert Mitchnick）拆除了這種敘述。

Global asset management giant BlackRock is known for its traditional strength in equities, fixed income, and multi-asset strategies. However, the firm has also been making a push into digital assets in recent years, particularly with the launch of its iShares Bitcoin Trust (IBIT) ETF.

全球資產管理巨頭貝萊德以其股票，固定收益和多資產策略的傳統實力而聞名。但是，近年來，該公司還一直在推動數字資產，尤其是隨著Ishares比特幣信託（IBIT）ETF的推出。

This interest in Bitcoin has led to some interesting observations from BlackRock executives. In a recent interview with CNBC, Robert Mitchnick, head of digital assets at BlackRock, broke down some of the key issues surrounding Bitcoin and how they relate to broader market trends.

對比特幣的這種興趣導致了貝萊德高管的一些有趣的觀察。在最近接受CNBC的採訪時，貝萊德（Blackrock）數字資產負責人羅伯特·米奇尼克（Robert Mitchnick）打破了圍繞比特幣的一些關鍵問題及其與更廣泛的市場趨勢的聯繫。

Mitchnick's comments come at a time when Bitcoin has been struggling to regain its peak levels from late 2023. The token has lost about 20% of its value since then, amid concerns over a possible recession and Trump's tariff policies.

米奇尼克（Mitchnick）的評論是在比特幣從2023年底開始努力恢復其峰值水平的時候。自那時以來，代幣損失了其價值的20％，這是因為對可能的衰退和特朗普的關稅政策感到擔憂。

However, Mitchnick remains optimistic on Bitcoin in the long term, and he sees it as an asset that can withstand market turbulence better than other assets.

但是，米奇尼克（Mitchnick）長期對比特幣保持樂觀，他認為這是一種可以比其他資產更好的市場動盪。

"Tariffs are not a fundamental risk for Bitcoin. A recession, on the other hand, could be a catalyst," he said.

他說：“關稅不是比特幣的基本風險。另一方面，衰退可能是催化劑。”

Mitchnick also noted that Bitcoin has already risen by 15% since November 2024, which is a significant move considering how volatile stocks have been.

米奇尼克（Mitchnick）還指出，自2024年11月以來，比特幣已經上升了15％，考慮到波動性股票的發展，這是一個重大舉措。

"People get hung up on volatility as if it's risk, but it's not. If you look at it from a risk perspective, Bitcoin has held up better than other assets."

“人們掛在波動上，好像是風險一樣，但事實並非如此。如果您從風險的角度看待它，比特幣比其他資產更好。”

Earlier this year, BlackRock began integrating IBIT into its model portfolios, starting with a 1% to 2% allocation for high-risk investors.

今年早些時候，黑石開始將IBIT集成到其模型投資組合中，從高危投資者的1％到2％的分配開始。

These portfolios, which are designed for investors with a high-risk tolerance, now include bitcoin in the same category as real estate and commodities.

這些投資組合專為具有高風險公差的投資者而設計的產品組合現在包括與房地產和商品同一類別的比特幣。

"This is a key step in the normalization of bitcoin as an asset class, despite concerns over interest rates or American economic growth, which could impact stock prices," Mitchnick said.

米奇尼克說：“儘管擔心利率或美國經濟增長，這可能會影響股票價格，這是比特幣作為資產類別的正常化的關鍵步驟。”

He added that BlackRock is betting on bitcoin as a hedge in a down market, as an uptick in rates would also penalize equities.

他補充說，貝萊德（Blackrock）將比特幣視為下跌市場的樹籬，因為利率上升也將懲罰股票。

"Bitcoin offers partial decorrelation, which is an advantage in times of instability. In the event of a systemic crisis, investors will seek assets outside the traditional banking system."

“比特幣提供部分去相關，這是不穩定時期的優勢。如果發生系統性危機，投資者將在傳統銀行體系之外尋求資產。”

This comment is particularly relevant given the role that gold played in the 1970s as a hedge against inflation and economic uncertainty.

鑑於黃金在1970年代的作用是抵制通貨膨脹和經濟不確定性的對沖，這一評論尤其重要。

In contrast to other institutions that are entering the crypto space with speculative products, BlackRock is approaching digital assets with a focus on providing institutional-grade investment solutions.

與其他正在使用投機產品進入加密貨幣空間的機構相反，Blackrock正在接近數字資產，重點是提供機構級投資解決方案。

This approach is evident in the seamless integration of IBIT into BlackRock's existing model portfolios, which are designed to meet the specific risk tolerances and investment objectives of different investor segments.

這種方法在IBIT與BlackRock現有的模型投資組合中無縫集成中很明顯，該組合旨在滿足不同投資者領域的特定風險公差和投資目標。

Moreover, BlackRock's interest in Bitcoin is not new. The firm has been following the cryptocurrency closely since 2017, when it first began exploring the potential of blockchain technology for financial applications.

而且，貝萊德對比特幣的興趣並不是什麼新鮮事。自2017年以來，該公司就一直在密切關注加密貨幣，當時該公司首次開始探索區塊鏈技術用於金融應用的潛力。

This early engagement in the cryptocurrency sector has allowed BlackRock to develop a deep understanding of Bitcoin's unique characteristics and how it can fit into broader investment strategies.

對加密貨幣行業的這種早期參與使貝萊德能夠深入了解比特幣的獨特特徵以及如何適應更廣泛的投資策略。

As the global economy continues to evolve and investors search for new opportunities, institutions like BlackRock are playing a crucial role in shaping the future of finance.

隨著全球經濟不斷發展和投資者尋找新的機會，貝萊德這樣的機構在塑造財務的未來方面發揮了至關重要的作用。

With its vast experience in managing traditional assets and its recent foray into digital assets, BlackRock is well-positioned to navigate the complexities of the evolving investment landscape.

憑藉在管理傳統資產以及最近涉足數字資產的巨大經驗的情況下，貝萊德（BlackRock）置於良好的範圍內，可以瀏覽不斷發展的投資格局的複雜性。

And as investors become increasingly interested in alternative investments, institutions like BlackRock will be key in facilitating access to these assets and expanding the boundaries of portfolio diversification.

隨著投資者對替代投資的越來越感興趣，諸如BlackRock之類的機構將是促進獲得這些資產並擴大投資組合多元化界限的關鍵。

At the beginning of 2025, BlackRock integrated its Bitcoin ETF (IBIT) into its model portfolios, with an allocation of 1% to 2%. A minimalistic decision in appearance, but heavy with meaning.

在2025年初，貝萊德將其比特幣ETF（IBIT）集成到其模型組合中，分配了1％至2％。外觀上的簡約決定，但意義重大。

These portfolios, intended for high-risk investors, now include bitcoin on par with real estate or commodities.

這些投資組合是針對高風險投資者的，現在包括與房地產或商品相當的比特幣。

"This is a key step in the normalization of bitcoin as an asset class, despite concerns over interest rates or American economic growth, which could impact stock prices," Mitchnick stated.

米奇尼克說：“儘管擔心利率或美國經濟增長，這可能會影響股票價格，這是比特幣作為資產類別的正常化的關鍵步驟。”

Despite these concerns, BlackRock is betting on bitcoin as a hedge in a down market, as an uptick in rates would also penalize equities.

儘管有這些擔憂，貝萊德仍將比特幣視為下跌市場的樹籬，因為利率上升也將懲罰股票。

"Bitcoin offers partial decorrelation, which is an advantage in times of instability. In the event of a systemic crisis, investors will seek assets outside the traditional banking system," Mitchnick argued.

米奇尼克認為：“比特幣提供部分去相關，這是不穩定時期的優勢。如果發生系統性危機，投資者將在傳統的銀行系統之外尋求資產。”

This reasoning is reminiscent of the role gold played in the 1970s as an asset class that investors flocked to in times of economic uncertainty.

這種推理讓人聯想到黃金在1970年代作為一種資產類別，在經濟不確定性時期湧向投資者。

However, in the current context, investors are turning towards bitcoin, a token known for its algorithmic scarcity, decentralization, and absence of state sovereignty.

但是，在當前情況下，投資者正在轉向比特幣，這是一個以其算法稀缺，權力下放和缺乏國家主權的代幣而聞名的。

"It's not a tech stock or a meme stock; it's more like digital gold," Mitchnick noted.

米奇尼克指出：“這不是科技股或模因股票；它更像是數字黃金。”

At the same time, industry operators may have self-inflicted a wound by emphasizing bitcoin's

同時，行業運營商可能通過強調比特幣來自我傷害