尽管波动性较高，比特币仍胜过传统投资

比特币仍然是一种需要分类的特殊资产，因为它因其高风险和投资回报而受到关注。

Despite being a relatively new asset class, Bitcoin has garnered attention for its high risk and return on investment. This article analyzes Bitcoin's ROI and compares it to more conventional investment styles regarding return, risk, and fluctuation of BTC. A decade's worth of ROI analysis showcases Bitcoin's unique means of growing and fluctuating compared to stocks, bonds, and commodities.

尽管比特币是一种相对较新的资产类别，但因其高风险和投资回报而受到关注。本文分析了比特币的投资回报率，并将其与更传统的投资方式进行了比较，包括比特币的回报、风险和波动。十年来的投资回报率分析展示了与股票、债券和大宗商品相比，比特币独特的增长和波动方式。

On average, Bitcoin delivered better returns per year than traditional investments as adoption and popularity soared in the last decade. For instance, Bitcoin yielded an annualized return of 671% since 2013, far higher than other traditional types of assets. In 2023, Bitcoin soared by 156% compared to the S&P 500’s 25% and U.S. bonds' 5% return.

平均而言，随着过去十年比特币采用率和受欢迎程度的飙升，比特币每年比传统投资带来更好的回报。例如，自2013年以来，比特币的年化回报率为671%，远高于其他传统资产类型。 2023 年，比特币飙升了 156%，而标准普尔 500 指数的回报率为 25%，美国债券的回报率为 5%。

Even high-yielding corporate bonds and commodities lagged behind Bitcoin with respective returns of 12% and -2%. However, Bitcoin's coefficients of variation for the same period remained noticeably higher than those of traditional asset classes, with annualized volatility often exceeding 200% in its early years of trading and ranging between 40% and 70% in the more recent period.

即使是高收益的公司债券和大宗商品也落后于比特币，回报率分别为 12% 和 -2%。然而，比特币同期的波动系数仍然明显高于传统资产类别，交易初期年化波动率往往超过 200%，最近一段时间波动在 40% 至 70% 之间。

This high volatility in Bitcoin adds an extra risk that deters traditional investors, but it has provided better risk-adjusted returns compared to most assets in the past. Hence, measures like the Sortino Ratio, which consider the downside risk of return, have highlighted Bitcoin's enhanced performance over the years, indicating that these great returns have come at the right risk.

比特币的高波动性增加了额外的风险，令传统投资者望而却步，但与过去的大多数资产相比，它提供了更好的风险调整回报。因此，像索蒂诺比率这样考虑回报下行风险的指标，突显了比特币多年来表现的增强，表明这些巨大的回报是在适当的风险下实现的。

Data from Fidelity International reveals that Bitcoin's 5-year risk-adjusted returns surpassed traditional assets, reflecting investors’ compensation for assuming its inherent volatility.

富达国际的数据显示，比特币的5年风险调整回报率超过了传统资产，反映了投资者对其固有波动性的补偿。

Moreover, Bitcoin's drawdowns, or peak-to-trough declines, were steeper than most traditional assets over the last five years, with larger maximum drawdowns than equities and bonds. However, its realized monthly returns often exhibit a positive skew, driven by periodic surges yielding considerable gains. In contrast to individual stocks in the S&P 500, Bitcoin's 360-day realized volatility fell below certain high-profile securities, suggesting a gradual stability in the asset's performance over time.

此外，在过去五年中，比特币的回撤或从峰到谷的下降幅度比大多数传统资产都要大，最大回撤也比股票和债券更大。然而，在周期性飙升的推动下，其实现的月度回报往往表现出正偏差，产生可观的收益。与标准普尔 500 指数中的个股相比，比特币的 360 天实际波动率低于某些备受瞩目的证券，这表明该资产的表现随着时间的推移逐渐稳定。

Due to improved market access and regulatory developments, Bitcoin is becoming more appealing to institutional investors. Custodial solutions, like self-custody and third-party full custody, have provided investors with additional avenues for securely holding Bitcoin.

由于市场准入的改善和监管的发展，比特币对机构投资者越来越有吸引力。自我托管和第三方完全托管等托管解决方案为投资者提供了安全持有比特币的额外途径。

By addressing technology-related risks, institutional-grade custody options have enhanced security, considering that over $1.7 billion of assets were reportedly stolen in 2023 despite a 54% decrease in platform-related losses from the previous year.

通过解决技术相关风险，机构级托管选项增强了安全性，考虑到据报道 2023 年有超过 17 亿美元的资产被盗，尽管平台相关损失比上一年减少了 54%。

Increased acceptance of exchange-traded products (ETPs) for Bitcoin has paved the way for easier, regulated exposure to the asset. Unlike self-custody, ETPs simplify entry for investors by integrating full-custody solutions managed by specialized custodians. The recent approval of Bitcoin spot ETFs in the U.S. is expected to further institutional involvement, potentially reducing volatility as market depth and liquidity expand.

比特币交易所交易产品（ETP）的接受度不断提高，为更轻松、受监管的资产敞口铺平了道路。与自我托管不同，ETP 通过集成由专业托管人管理的完全托管解决方案来简化投资者的进入。美国最近批准的比特币现货 ETF 预计将进一步促进机构参与，随着市场深度和流动性的扩大，可能会减少波动性。