高盛對比特幣採用激增表示懷疑

高盛首席投資長 Sharmin Mossavar-Rahmani 對加密貨幣作為合法投資資產類別表示懷疑。她強調了由於缺乏傳統估值指標而對加密資產進行估值的困難，並對不受監管的市場的優點提出了質疑。儘管她持懷疑態度，高盛仍然從基礎設施的角度參與加密生態系統，並認識到基於區塊鏈的資產的成長潛力。

Goldman Sachs' Skepticism Amidst Growing Institutional Interest in Bitcoin

高盛對比特幣日益增長的機構興趣持懷疑態度

In a recent interview, Sharmin Mossavar-Rahmani, Goldman Sachs Wealth Management's chief investment officer, expressed the firm's skepticism towards cryptocurrencies, including Bitcoin (BTC). Despite the surge in trading volume and institutional adoption of Bitcoin through approved spot Bitcoin exchange-traded funds (ETFs), Mossavar-Rahmani emphasized that Goldman Sachs does not consider cryptocurrencies a legitimate investment asset class.

在最近的一次採訪中，高盛財富管理公司首席投資長 Sharmin Mossavar-Rahmani 表達了該公司對包括比特幣 (BTC) 在內的加密貨幣的懷疑。儘管透過批准的現貨比特幣交易所交易基金（ETF），比特幣的交易量和機構採用量激增，但 Mossavar-Rahmani 強調，高盛並不認為加密貨幣是合法的投資資產類別。

Lack of Traditional Valuation Metrics

缺乏傳統的估值指標

Mossavar-Rahmani highlighted the alleged challenge of valuing cryptocurrencies, which she said "lack" traditional valuation metrics such as earnings, dividends, or cash flow. This sentiment has reportedly led many of Goldman Sachs' clients to avoid seeking investment advice in the crypto space despite Bitcoin's recent surge to a new all-time high of $73,700 on March 14.

Mossavar-Rahmani 強調了加密貨幣估值所面臨的挑戰，她表示加密貨幣「缺乏」收益、股息或現金流等傳統估值指標。據報道，這種情緒導致高盛的許多客戶避免在加密貨幣領域尋求投資建議，儘管比特幣最近在 3 月 14 日飆升至 73,700 美元的歷史新高。

Speculative Investments and Unregulated Markets

投機投資和不受監管的市場

Mossavar-Rahmani views cryptocurrencies primarily as speculative investments and questions the merit of unregulated markets. She emphasizes the importance of the rule of law and systems of checks and balances in the financial ecosystem.

Mossavar-Rahmani 將加密貨幣主要視為投機投資，並對不受監管的市場的優點提出質疑。她強調了金融生態系中法治和製衡體系的重要性。

Contrasting Views in Traditional Finance Sector

傳統金融領域的觀點對比

However, Mossavar-Rahmani's stance contrasts with those of others in the traditional finance sector, which gradually incorporate cryptocurrencies into their offerings.

然而，Mossavar-Rahmani 的立場與傳統金融領域的其他人形成鮮明對比，後者逐漸將加密貨幣納入其產品中。

Mixed Messages from Goldman Sachs

高盛發出的複雜訊息

While Mossavar-Rahmani notes that Goldman Sachs may not have a definitive long-term view on Bitcoin or digital assets in portfolios, the firm is actively engaged in the crypto ecosystem from an infrastructure perspective. Previously, Goldman Sachs' global head of digital assets, Mathew McDermott, anticipated significant growth in trading volumes in blockchain-based assets in the coming years and expressed a bullish stance on Bitcoin's price.

儘管 Mossavar-Rahmani 指出，高盛可能對比特幣或投資組合中的數位資產沒有明確的長期看法，但該公司從基礎設施的角度積極參與加密生態系統。在此之前，高盛全球數位資產主管 Mathew McDermott 預計未來幾年基於區塊鏈的資產交易量將大幅成長，並對比特幣價格表示看漲立場。

Bitcoin ETFs Gain Traction

比特幣 ETF 受到關注

In January, the US Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs, with asset managers such as BlackRock, Fidelity, Grayscale, VanEck, and others issuing these index funds. The iShares Bitcoin Trust (IBIT) by BlackRock and the Wise Original Bitcoin Fund (FBTC) by Fidelity have emerged as the leading Bitcoin ETFs, accumulating nearly $60 billion in assets under management thus far.

1月份，美國證券交易委員會（SEC）批准了11只現貨比特幣ETF，貝萊德、富達、灰階、VanEck等資產管理公司發行了這些指數基金。貝萊德 (BlackRock) 旗下的 iShares 比特幣信託 (IBIT) 和富達 (Fidelity) 旗下的 Wise Original Bitcoin Fund (FBTC) 已成為領先的比特幣 ETF，迄今為止管理的資產已累計近 600 億美元。

Goldman Sachs' Role in Bitcoin ETFs

高盛在比特幣 ETF 中的作用

Interestingly, despite Mossavar-Rahmani's public skepticism of crypto investments, Goldman Sachs has expressed interest in playing a "crucial role" in the spot Bitcoin ETFs launched by Blackrock and Grayscale (GBTC). This role involves creating and redeeming ETF shares to ensure their alignment with underlying assets.

有趣的是，儘管 Mossavar-Rahmani 公開對加密貨幣投資持懷疑態度，但高盛表示有興趣在 Blackrock 和 Grayscale (GBTC) 推出的現貨比特幣 ETF 中發揮「關鍵作用」。該角色涉及創建和贖回 ETF 份額，以確保其與基礎資產保持一致。

Growing Interest in Crypto-Related Financial Instruments

人們對加密貨幣相關金融工具的興趣日益濃厚

Major exchanges such as Nasdaq, CBOE, and NYSE Arca have also filed for SEC approval to trade related ETF options, indicating the growing interest in crypto-related financial instruments. In January, reports emerged that Morgan Stanley was exploring adding spot Bitcoin ETFs to its brokerage platform. If approved, Morgan Stanley would be the first among large registered investment advisor networks and broker-dealer platforms to list the ETFs.

納斯達克、芝加哥期權交易所和紐約證券交易所 Arca 等主要交易所也已向 SEC 申請批准交易相關 ETF 期權，這表明人們對加密貨幣相關金融工具的興趣日益濃厚。一月份，有報導稱摩根士丹利正在探索在其經紀平台上添加現貨比特幣 ETF。如果獲得批准，摩根士丹利將成為大型註冊投資顧問網路和經紀自營商平台中第一個上市 ETF 的公司。

Skepticism Amidst Industry Optimism

產業樂觀中夾雜著懷疑

Despite Goldman Sachs' skeptical stance, industry analysts predict that most major platforms and networks will eventually approve Bitcoin ETFs. The approval of these ETFs by various platforms is expected to significantly expand Bitcoin's addressable market and potentially lead to increased inflows from other prominent financial institutions.

儘管高盛持懷疑態度，但產業分析師預測大多數主要平台和網路最終將批准比特幣 ETF。這些 ETF 獲得各個平台的批准預計將顯著擴大比特幣的潛在市場，並可能導致其他知名金融機構的資金流入增加。

As of this writing, the price of BTC stands at $65,600, with sideways trading between $64,400 and $66,500 in recent days.

截至撰寫本文時，BTC 的價格為 65,600 美元，最近幾天的橫盤交易區間為 64,400 美元至 66,500 美元。