贝莱德表示仅将 2% 的投资组合投入比特币，但加密货币研究公司 BRN 却提出相反的建议

这家资产管理巨头在周四的一份报告中表示，将比特币添加到投资组合中类似于投资顶级科技股——回报丰厚，但风险很大。

Investors should allocate only up to 2% of their portfolios to Bitcoin, asset management giant BlackRock said Thursday.

资产管理巨头贝莱德周四表示，投资者最多只能将其投资组合的 2% 分配给比特币。

But crypto research firm BRN suggests otherwise, recommending an allocation 10x higher.

但加密货币研究公司 BRN 却提出了不同的建议，建议将配置提高 10 倍。

BlackRock said adding Bitcoin to a portfolio is like investing in top tech stocks.

贝莱德表示，将比特币添加到投资组合中就像投资顶级科技股一样。

Investors should dedicate a maximum of 2% of their portfolios to Bitcoin, asset management giant BlackRock said in a report Thursday.

资产管理巨头贝莱德周四在一份报告中表示，投资者应将最多 2% 的投资组合投入比特币。

However, crypto research firm BRN suggests that this recommendation is far too conservative.

然而，加密货币研究公司 BRN 表示，这一建议过于保守。

"While BlackRock recommends allocating no more than 2% to Bitcoin, investors with a higher risk appetite and a long-term horizon could justify a larger allocation," said BRN analyst Valentin Fournier.

BRN 分析师 Valentin Fournier 表示：“虽然贝莱德建议比特币的配置不超过 2%，但风险偏好较高且目光长远的投资者可能会认为更大规模的配置是合理的。”

"Given that Bitcoin’s four-year market cycles align well with the typical 5-7 year investment horizon often recommended for stocks, the potential rewards outweigh the short-term volatility for risk-tolerant investors."

“鉴于比特币的四年市场周期与通常建议的股票典型 5-7 年投资期限非常吻合，对于风险承受能力强的投资者来说，潜在回报超过了短期波动。”

BlackRock's Suggestion

贝莱德的建议

BlackRock's report said that adding Bitcoin to a portfolio is akin to investing in top tech stocks – rewarding but risky.

贝莱德的报告称，将比特币添加到投资组合中类似于投资顶级科技股——回报丰厚，但风险较大。

“Over its short history, Bitcoin has seen both major surges and selloffs,” the report said. “This volatility, plus Bitcoin’s unique characteristics, raises the question of what role it should play in portfolios.”

报告称：“在其短暂的历史中，比特币经历了大幅上涨和抛售。” “这种波动性，加上比特币的独特特征，引发了一个问题：它应该在投资组合中扮演什么角色。”

It then suggests that "a reasonable range for Bitcoin exposure" was less than 3% of a portfolio's total value, adding that the leading cryptocurrency is risky due to its lack of underlying cash flows.

然后，它建议“比特币风险敞口的合理范围”低于投资组合总价值的 3%，并补充说，由于缺乏基础现金流，领先的加密货币存在风险。

"In a traditional portfolio with a mix of 60% stocks and 40% bonds, those seven stocks each account for, on average, about the same share of overall portfolio risk as a 1-2% allocation to Bitcoin," the report said.

报告称：“在由 60% 股票和 40% 债券组成的传统投资组合中，平均而言，这七只股票在整体投资组合风险中所占的份额与 1-2% 的比特币配置大致相同。”

Looking ahead, BlackRock believes Bitcoin could become less risky but "at that point it might no longer have a structural catalyst for further sizable price increases."

展望未来，贝莱德认为比特币的风险可能会降低，但“到那时它可能不再具有进一步大幅价格上涨的结构性催化剂。”

The report comes as Bitcoin continues to hover around its all-time high, flirting again with the $100K mark.

该报告发布之际，比特币继续徘徊在历史高点附近，再次逼近 10 万美元大关。

BlackRock's Bitcoin ETF, IBIT, also recently surpassed its iShares Gold ETF (IAU) in terms of net assets.

贝莱德的比特币 ETF IBIT 最近在净资产方面也超过了 iShares 黄金 ETF (IAU)。

BRN's Suggestion

BRN的建议

Instead, BRN recommends an allocation 10x higher than BlackRock. "Its high potential returns suggest that such investors could reasonably allocate a 10-20% share of their portfolio to digital assets, particularly if they are willing to embrace Bitcoin’s unique growth dynamics," said Fournier.

相反，BRN 建议的配置比贝莱德高 10 倍。 Fournier 表示：“其高潜在回报表明，此类投资者可以合理地将其投资组合的 10-20% 份额分配给数字资产，特别是如果他们愿意接受比特币独特的增长动力。”

"As Bitcoin matures and its risk profile shifts closer to gold’s, investors may consider rebalancing their portfolios toward stocks or other assets to maintain a balanced risk/reward exposure. For now, Bitcoin remains a compelling choice for those seeking high-reward opportunities in an evolving financial landscape."

“随着比特币的成熟，其风险状况逐渐接近黄金，投资者可能会考虑重新平衡其投资组合，转向股票或其他资产，以保持平衡的风险/回报敞口。目前，对于那些在经济中寻求高回报机会的人来说，比特币仍然是一个令人信服的选择。不断变化的金融格局。”