富達報告：退休基金以謹慎樂觀的態度探索加密貨幣領域

儘管退休基金傳統上採取保守的投資策略，但在最近比特幣交易所交易基金（ETF）獲得批准的推動下，退休基金對加密資產（尤其是比特幣）表現出了新的興趣。富達數位資產強調，固定福利計劃和退休基金正在探索將加密貨幣納入其投資組合的可能性，儘管由於監管要求和決策結構，這一過程是謹慎和複雜的。

Fidelity's Report: Pension Funds Dip Their Toes into the Cryptosphere

富達報告：退休基金涉足加密領域

May 5, 2023

2023 年 5 月 5 日

Renowned financial services behemoth Fidelity has uncovered a burgeoning curiosity among pension funds towards cryptocurrencies, particularly Bitcoin. This surge in interest follows the recent approval of spot Bitcoin exchange-traded funds (ETFs), signaling a shift in the traditional investment landscape.

著名金融服務巨頭富達發現退休基金對加密貨幣（尤其是比特幣）日益濃厚的興趣。近期比特幣現貨交易所交易基金（ETF）獲得批准後，人們的興趣激增，這標誌著傳統投資格局的轉變。

During an event in London, Manuel Nordeste, Vice President of Fidelity Digital Assets, shed light on the exploratory phase in which defined benefit plans and pension funds currently find themselves regarding crypto assets. Investment committees are now actively deliberating on the potential inclusion of digital currencies within their portfolios.

在倫敦舉行的活動中，富達數位資產公司副總裁曼努埃爾·諾德斯特 (Manuel Nordeste) 闡述了固定福利計劃和退休基金目前在加密資產方面的探索階段。投資委員會目前正在積極考慮將數位貨幣納入其投資組合的可能性。

This cautious interest from pension funds holds significant weight, given their typically conservative investment strategies stemming from their obligations to retirees.

考慮到退休基金通常出於對退休人員的義務而採取保守的投資策略，這種謹慎的興趣具有重要意義。

Contrast with Other Investors

與其他投資者的對比

Pension funds' foray into crypto assets stands in stark contrast to the nimble actions of other investors. Family offices and high-net-worth individuals swiftly embraced cryptocurrencies due to their flexible investment mandates and tolerance for heightened risk.

退休基金進軍加密資產與其他投資者的靈活行動形成鮮明對比。由於其靈活的投資要求和對高風險的容忍度，家族辦公室和高淨值人士迅速接受了加密貨幣。

Nordeste elucidated how smaller entities possess the agility to swiftly incorporate crypto assets, while large pension funds face a more protracted process due to intricate decision-making structures and stringent regulatory compliance.

Nordeste 闡明了較小的實體如何擁有快速整合加密資產的靈活性，而大型退休基金由於複雜的決策結構和嚴格的監管合規性而面臨更漫長的過程。

Fidelity Digital Assets, established in 2018, initially witnessed interest from family offices, small specialized asset managers, and eventually large hedge funds. The gradual increase in interest across various investor types underscores the broader acceptance of digital assets within the financial community.

富達數位資產成立於 2018 年，最初引起了家族辦公室、小型專業資產管理公司以及最終大型對沖基金的興趣。各種投資者類型的興趣逐漸增加，凸顯了金融界對數位資產的更廣泛接受。

Market Impact and Legislative Influence

市場影響和立法影響

Fidelity's research unveils a stark divide in sentiment, with 80% of high-net-worth individuals expressing positive views towards digital assets, compared to a mere 23% of pension plans. However, the potential market impact of U.S. pension funds, commanding over $4 trillion in capital, entering the crypto market could be transformative. Even modest allocations towards Bitcoin could trigger substantial capital inflows.

富達的研究揭示了情緒上的明顯分歧，80% 的高淨值人士對數位資產表示積極看法，而只有 23% 的退休金計劃持積極態度。然而，擁有超過 4 兆美元資本的美國退休基金進入加密貨幣市場的潛在市場影響可能是革命性的。即使對比特幣的適度配置也可能引發大量資本流入。

BlackRock's recent acknowledgment on May 2 of its educational outreach to pension funds regarding Bitcoin ETFs further underscores the growing interest. Additionally, recent 13F filings reveal that several major pension consultants have already purchased spot Bitcoin ETFs.

貝萊德 (BlackRock) 最近於 5 月 2 日承認，其向退休基金開展了有關比特幣 ETF 的教育活動，進一步凸顯了人們對比特幣 ETF 日益增長的興趣。此外，最近的 13F 文件顯示，幾位主要退休金顧問已經購買了現貨比特幣 ETF。

Legislative initiatives, such as those in Arizona encouraging state pension plans to monitor and potentially incorporate Bitcoin ETFs into their portfolios, pave the way for the institutional adoption of Bitcoin.

立法舉措，例如亞利桑那州鼓勵國家退休金計劃監控並可能將比特幣 ETF 納入其投資組合的立法舉措，為機構採用比特幣鋪平了道路。

Cautious Optimism and the Future

謹慎樂觀與未來

While pension funds tread cautiously, the increasing conversations and exploratory steps indicate a broader acceptance of crypto assets within the traditional financial realm. The regulatory clarity provided by spot Bitcoin ETFs has played a pivotal role in this shift.

儘管退休基金謹慎行事，但越來越多的對話和探索性步驟顯示傳統金融領域對加密資產的接受度越來越高。現貨比特幣 ETF 提供的監管清晰度在這一轉變中發揮了關鍵作用。

Pension funds, with their vast capital reserves, could potentially become significant drivers of the crypto market. Their entry would not only legitimize the asset class but also provide a much-needed boost to liquidity and price stability.

擁有巨額資本儲備的退休基金有可能成為加密貨幣市場的重要驅動力。它們的加入不僅將使該資產類別合法化，還將為流動性和價格穩定提供急需的推動力。

As regulatory frameworks continue to evolve and investor understanding deepens, the integration of crypto assets into pension portfolios is likely to gain further momentum. The future of this nascent trend holds exciting possibilities for the crypto ecosystem and the financial world at large.

隨著監管框架的不斷發展和投資者理解的加深，加密資產與退休金投資組合的整合可能會獲得進一步的動力。這一新興趨勢的未來為加密生態系統和整個金融界帶來了令人興奮的可能性。