贝莱德提议将比特币纳入传统 60/40 投资组合

全球最大的资产管理公司贝莱德提议将比特币纳入传统的 60/40 投资组合，建议配置比例为 1% 至 2%。

World’s largest asset manager, BlackRock, has suggested including Bitcoin in traditional 60/40 investment portfolios, with a recommended allocation of 1% to 2%.

全球最大的资产管理公司贝莱德建议将比特币纳入传统的 60/40 投资组合中，建议配置为 1% 至 2%。

This proposal, outlined in a report titled "Sizing Bitcoin in Portfolios" by the BlackRock Investment Institute, marks a shift in the asset manager's stance on Bitcoin, which has garnered significant attention as it crossed the $100,000 threshold.

贝莱德投资研究所在一份题为“调整投资组合中的比特币规模”的报告中概述了这一提议，标志着该资产管理公司对比特币立场的转变，比特币在突破 10 万美元门槛后引起了广泛关注。

The report positions Bitcoin as a potential tool for diversification, alongside major companies like Nvidia, Amazon, and Apple, which generate revenue through products and services, unlike Bitcoin, which functions primarily as a store of value.

该报告将比特币定位为一种潜在的多元化工具，与英伟达、亚马逊和苹果等大公司并列，这些公司通过产品和服务产生收入，而比特币主要作为价值储存手段。

If 1% of BlackRock’s $5.2 trillion equity holdings were allocated to Bitcoin, it would generate $50 billion in new demand for the digital asset.

如果贝莱德持有的 5.2 万亿美元股权中的 1% 分配给比特币，那么将为该数字资产带来 500 亿美元的新需求。

Over the past year, Bitcoin’s price has surged by over 130%, outpacing the S&P 500’s 32% rise during the same period.

过去一年，比特币价格飙升超过 130%，超过同期标准普尔 500 指数 32% 的涨幅。

The report, led by Samara Cohen, Chief Investment Officer of ETF and Index Investments, compares Bitcoin’s risk profile to the "Magnificent 7" tech giants, which account for a significant portion of the S&P 500’s market capitalization.

该报告由 ETF 和指数投资首席投资官 Samara Cohen 领导，将比特币的风险状况与“七大”科技巨头进行了比较，这些科技巨头在标准普尔 500 指数市值中占据了很大一部分。

“These [stocks] provide an example of single portfolio holdings that account for a comparatively large share of portfolio risk,” the report states.

报告指出：“这些[股票]提供了单一投资组合持有的例子，它们在投资组合风险中所占的份额相对较大。”

Bitcoin's $2 trillion market capitalization and low correlation with traditional markets highlight its potential for diversification.

比特币 2 万亿美元的市值以及与传统市场的低相关性凸显了其多元化的潜力。

The report also notes a shift in Bitcoin’s market behavior since mid-2023, where it began to diverge from technology stocks due to factors like geopolitical tensions, financial system fragmentation, and declining trust in traditional banking.

该报告还指出，自 2023 年中期以来，比特币的市场行为发生了变化，由于地缘政治紧张局势、金融体系碎片化以及对传统银行业信任度下降等因素，比特币开始与科技股出现分化。

Cohen outlines a framework for using Bitcoin to enhance diversification while addressing its price volatility, which has included steep declines historically.

科恩概述了一个使用比特币增强多元化的框架，同时解决其价格波动问题，其中包括历史上的急剧下跌。

The analysis shows that a 1% allocation of Bitcoin adds 2% to overall risk, while a 2% allocation increases risk to 5%. Larger allocations contribute disproportionately to risk, with a 4% allocation accounting for 14% of overall risk, leading to a recommendation to cap allocations at 2%.

分析显示，1% 的比特币配置会使总体风险增加 2%，而 2% 的比特币配置会使风险增加至 5%。较大的分配对风险的贡献不成比例，4% 的分配占总体风险的 14%，因此建议将分配上限控制在 2%。

BlackRock anticipates that Bitcoin’s characteristics may evolve as the asset matures, potentially taking on a role similar to gold in investment portfolios, which would involve more tactical uses, such as hedging against specific risks.

贝莱德预计，比特币的特征可能会随着资产的成熟而演变，可能在投资组合中扮演类似于黄金的角色，这将涉及更多的战术用途，例如对冲特定风险。

The firm's growing involvement in Bitcoin reflects broader market trends. In 2022, BlackRock partnered with Coinbase to offer institutional access to Bitcoin and currently manages the iShares Bitcoin Trust (IBIT), the world's largest Bitcoin ETF with $50.8 billion in assets.

该公司越来越多地参与比特币反映了更广泛的市场趋势。 2022 年，贝莱德与 Coinbase 合作，为机构提供比特币接入，目前管理着 iShares 比特币信托 (IBIT)，这是全球最大的比特币 ETF，资产规模达 508 亿美元。

As Bitcoin adoption expands, BlackRock continues to explore its potential as a diversification tool while navigating its inherent risks.

随着比特币采用的扩大，贝莱德继续探索其作为多元化工具的潜力，同时应对其固有风险。