與加密貨幣相關的股票：資產分配框架內的多元化工具

比特幣（$ btc）已逐漸成為資產分配框架內的獨立資產。由機構等機構考慮

Bitcoin has gradually established itself as a standalone asset within the framework of asset allocation. Considered by institutions to be an excellent diversification tool due to its low correlation with traditional asset classes (stocks, bonds), Bitcoin is attracting an increasing number of investors.

比特幣逐漸將自己確立為資產分配框架內的獨立資產。由於與傳統資產類別（股票，債券）的相關性較低，因此被機構視為一種出色的多元化工具，比特幣吸引了越來越多的投資者。

Below, we can see how Bitcoin has behaved during different crises compared to other assets.

下面，我們可以看到比特幣與其他資產相比在不同危機時的表現。

However, direct investment in cryptocurrencies comes with significant challenges: high volatility, managing digital wallets, and the administrative complexity of tax reporting for gains or losses. An interesting solution to benefit from the advantages of this market while bypassing these obstacles is to invest in cryptocurrency-related stocks. These stocks offer an indirect alternative to Bitcoin while playing a diversifying role in an investment strategy.

但是，對加密貨幣的直接投資面臨重大挑戰：高波動性，管理數字錢包以及稅收或損失的稅收報告的行政復雜性。一個有趣的解決方案，可以從該市場的優勢中受益，同時繞過這些障礙是投資與加密貨幣相關的股票。這些股票在投資策略中發揮了多樣化的作用，為比特幣提供了間接替代品。

Why Are Cryptocurrency-Related Stocks Diversification Tools?

為什麼與加密貨幣相關的股票多元化工具？

Stocks of cryptocurrency-related companies occupy a unique position in the investment landscape. They allow investors to benefit from the growth trends of the crypto market without directly investing in digital assets. Like Bitcoin, they exhibit characteristics that make them attractive in a diversified asset allocation:

與加密貨幣相關的公司的股票在投資格局中佔據了獨特的地位。它們允許投資者從加密市場的增長趨勢中受益，而無需直接投資數字資產。像比特幣一樣，它們表現出使它們在多元化資產分配中具有吸引力的特徵：

Main Categories of Cryptocurrency-Related Stocks

與加密貨幣相關的股票的主要類別

Which Stocks Are Most Correlated with Bitcoin?

哪些股票與比特幣最相關？

Certain stocks have a stronger correlation with Bitcoin due to their direct dependence on its performance. For example:

某些股票與比特幣有更強的相關性，因為它們直接依賴其性能。例如：

Coinbase (COIN): The trading volumes on its platform vary according to overall interest in cryptocurrencies.

Coinbase（硬幣）：平台上的交易量根據加密貨幣的總體興趣而有所不同。

Conversely, companies like NVIDIA or IBM have a lower correlation with Bitcoin as they diversify their activities beyond the crypto market.

相反，像NVIDIA或IBM這樣的公司與比特幣的相關性較低，因為它們在加密市場之外的活動多樣化。

It is even possible to closely mimic Bitcoin’s performance by combining several stocks. For instance, a portfolio comprising (MSTR0.3 + MARA0.3 + COIN*0.7)/1.3 closely tracks Bitcoin’s movements.

甚至可以通過組合幾種股票來密切模仿比特幣的性能。例如，包括（MSTR0.3 + MARA0.3 + COIN*0.7）/1.3的投資組合密切跟踪比特幣的運動。

How to Integrate These Stocks into Asset Allocation

如何將這些股票集成到資產分配中

Crypto Stocks as a Complement to Bitcoin in a Diversified Portfolio

加密股票作為多元化投資組合中比特幣的補充

Incorporating cryptocurrency-related stocks into an asset allocation can enhance portfolio diversification. While Bitcoin serves as an uncorrelated asset relative to traditional markets, these stocks offer hybrid exposure. They combine the potential growth of the crypto market with more stable fundamentals, thereby reducing some of the risks associated with direct crypto investment.

將與加密貨幣相關的股票納入資產分配可以增強投資組合多樣性。儘管比特幣相對於傳統市場是不相關的資產，但這些股票提供混合風險。它們將加密市場的潛在增長與更穩定的基本面相結合，從而降低了與直接加密投資相關的一些風險。

Our three-year analysis of a balanced portfolio reveals that adding 1.3% Bitcoin had a positive impact on risk-adjusted performance. However, replacing Bitcoin with a basket of three cryptocurrency-related stocks yielded even better results. On the other hand, completely excluding cryptocurrencies led to a significant decline in performance.

我們對平衡投資組合的三年分析表明，增加1.3％的比特幣對風險調整後的績效產生了積極影響。但是，用三個與加密貨幣相關的股票的籃子代替比特幣會產生更好的結果。另一方面，完全不包括加密貨幣導致績效大幅下降。

Risks of Investing in Cryptocurrency-Related Stocks

投資與加密貨幣相關的股票的風險

Investing in cryptocurrency-related stocks, such as those in mining, exchanges, and blockchain technologies, offers potential rewards but also significant risks:

投資與加密貨幣相關的股票，例如採礦，交流和區塊鏈技術的股票，可提供潛在的獎勵，但也具有重大風險：

While offering strong growth potential, these risks require careful consideration and diversification for effective risk management.

在提供強大的增長潛力的同時，這些風險需要仔細考慮和多元化以進行有效的風險管理。

Conclusion

結論

Investing in cryptocurrency-related stocks is a smart strategy to benefit from the rise of this sector while diversifying your portfolio. These stocks provide exposure to the opportunities offered by crypto without the complexities of direct management. As a complement to Bitcoin, they strengthen the diversification role of a portfolio and offer attractive growth potential in a rapidly evolving financial environment. However, it is important to consider the risks associated with these investments. Price fluctuations in cryptocurrencies, uncertain regulation, and market volatility can lead to significant losses. Investors should therefore be aware of these risks and proceed with caution when adding these stocks to their portfolio.

投資與加密貨幣相關的股票是一項明智的策略，可以從該行業的興起中受益，同時使您的投資組合多樣化。這些股票提供了加密貨幣提供的機會，而沒有直接管理的複雜性。作為對比特幣的補充，它們增強了投資組合的多元化作用，並在迅速發展的財務環境中提供了有吸引力的增長潛力。但是，重要的是要考慮與這些投資相關的風險。加密貨幣，不確定的監管和市場波動的價格波動可能會導致巨大的損失。因此，投資者應注意這些風險，並在將這些股票添加到其投資組合中時要謹慎行事。