新报告认为，比特币（BTC）应视为技术股，而不是数字黄金。

尽管比特币（BTC）的支持者通常将最大的加密货币视为黄金的数字版本，但全球银行标准宪章的一份新报告认为，投资者应该更像是一种具有额外好处的技术股票。

Bitcoin (BTC) is frequently viewed by its supporters as a digital commodities like a new-age gold, however, a new report by Standard Chartered sees the world’s biggest cryptocurrency more closely aligned with a tech stock—with some extra advantages.

比特币（BTC）的支持者经常将其视为像新时代黄金这样的数字商品，但是，标准包机的一份新报告认为，世界上最大的加密货币与技术股票更加紧密地对齐，并具有一些额外的优势。

In a recent report, Geoff Kendrick, a strategist at the global bank, and the team pointed out that bitcoin’s correlation with the Nasdaq index has “almost always” been stronger compared to gold, the traditional safe-haven asset.

在最近的一份报告中，全球银行的战略家杰夫·肯德里克（Geoff Kendrick）指出，与传统的避风港资产黄金（Gold）相比，比特币与纳斯达克指数的相关性“几乎总是”更强。

According to the report, bitcoin might play a role as a place to hide in instances of financial instability, like the 2023 regional banking crisis or what might be the unsustainable U.S. debt trajectory. However, the report adds that there's rarely a need for such hedges, which explains why bitcoin's behavior is increasingly like that of a traditional tech stock.

根据该报告，比特币可能在金融不稳定的情况下（例如2023年的区域银行危机或可能是不可持续的美国债务轨迹）发挥作用。但是，该报告补充说，这种树篱几乎不需要，这解释了为什么比特币的行为越来越像传统的科技股一样。

“Investors can view BTC as both a hedge against traditional finance and as part of their tech allocation,” said Kendrick. But, at least “in the short term, BTC may be better viewed as a tech stock than as a hedge against TradFi issues,” he added.

肯德里克说：“投资者可以将BTC视为反对传统金融的对冲，也可以视为其技术分配的一部分。”但是，至少“在短期内，BTC可以更好地看作是技术股，而不是针对Tradfi问题的对冲。”

Further playing with the idea of bitcoin as part of a tech portfolio, the report proposed a remodel of the index of the so-called Magnificent 7 (Mag 7) stocks—the mega-cap tech names that have driven overall market returns of late, Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT), Nvidia (NVDA), Amazon (AMZN), Meta (META) and Tesla (TSLA). This new “Mag 7B” would swap out Tesla for bitcoin.

Further playing with the idea of​​ bitcoin as part of a tech portfolio, the report proposed a remodel of the index of the so-called Magnificent 7 (Mag 7) stocks—the mega-cap tech names that have driven overall market returns of late, Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT), Nvidia (NVDA), Amazon (AMZN), Meta (META) and特斯拉（TSLA）。这个新的“ MAG 7B”将把特斯拉换成比特币。

The result? The Mag7B consistently generated higher risk-adjusted returns compared to the original group over the past seven years, reinforcing bitcoin's role in a tech-focused portfolio, said Kendrick. The Mag7B outperformed the Mag7 on average by about 1% with nearly 2% lower volatility on an annual basis, a key benefit to institutional investors and large asset allocators, he added.

结果？肯德里克说，与过去七年中的原始组相比，MAG7B始终产生更高的风险调整后收益，这加强了比特币在以技术为重点的投资组合中的作用。他补充说，MAG7B的表现平均优于MAG7约1％，每年降低波动率近2％，这是机构投资者和大型资产分配者的关键好处。

“BTC should be seen as serving multiple purposes in investor portfolios. This would open up the possibility of even more institutional buying,” Kendrick noted.

肯德里克指出：“应该将BTC视为在投资者投资组合中提供多种目的。这将开辟更多机构购买的可能性。”

Asset managers have been including bitcoin in investment portfolios for diversification purposes. For example, BlackRock (NYSE:BLK), the world’s largest asset manager, recommended considering an up to 2% bitcoin allocation in traditional stock and bond portfolios. Meanwhile, asset managers like 21Shares and Bitwise have launched exchange-traded funds (ETFs) combining gold and bitcoin as complementary assets.

资产经理一直在投资组合中包括比特币，以进行多元化。例如，世界上最大的资产经理BlackRock（NYSE：BLK）建议考虑在传统股票和债券投资组合中分配多达2％的比特币。同时，像21shares和Bitwise这样的资产经理已经推出了将黄金和比特币作为补充资产组合的交易所交易基金（ETF）。