贝莱德的罗伯特·米奇尼克（Robert Mitchnick）拆除了比特币是一项风险资产的叙述

尽管加密货币通常与波动性和风险有关，但贝莱德（Blackrock）数字资产负责人罗伯特·米奇尼克（Robert Mitchnick）拆除了这种叙述。

Global asset management giant BlackRock is known for its traditional strength in equities, fixed income, and multi-asset strategies. However, the firm has also been making a push into digital assets in recent years, particularly with the launch of its iShares Bitcoin Trust (IBIT) ETF.

全球资产管理巨头贝莱德以其股票，固定收益和多资产策略的传统实力而闻名。但是，近年来，该公司还一直在推动数字资产，尤其是随着Ishares比特币信托（IBIT）ETF的推出。

This interest in Bitcoin has led to some interesting observations from BlackRock executives. In a recent interview with CNBC, Robert Mitchnick, head of digital assets at BlackRock, broke down some of the key issues surrounding Bitcoin and how they relate to broader market trends.

对比特币的这种兴趣导致了贝莱德高管的一些有趣的观察。在最近接受CNBC的采访时，贝莱德（Blackrock）数字资产负责人罗伯特·米奇尼克（Robert Mitchnick）打破了围绕比特币的一些关键问题及其与更广泛的市场趋势的联系。

Mitchnick's comments come at a time when Bitcoin has been struggling to regain its peak levels from late 2023. The token has lost about 20% of its value since then, amid concerns over a possible recession and Trump's tariff policies.

米奇尼克（Mitchnick）的评论是在比特币从2023年底开始努力恢复其峰值水平的时候。自那时以来，代币损失了其价值的20％，这是因为对可能的衰退和特朗普的关税政策感到担忧。

However, Mitchnick remains optimistic on Bitcoin in the long term, and he sees it as an asset that can withstand market turbulence better than other assets.

但是，米奇尼克（Mitchnick）长期对比特币保持乐观，他认为这是一种可以比其他资产更好的市场动荡。

"Tariffs are not a fundamental risk for Bitcoin. A recession, on the other hand, could be a catalyst," he said.

他说：“关税不是比特币的基本风险。另一方面，衰退可能是催化剂。”

Mitchnick also noted that Bitcoin has already risen by 15% since November 2024, which is a significant move considering how volatile stocks have been.

米奇尼克（Mitchnick）还指出，自2024年11月以来，比特币已经上升了15％，考虑到波动性股票的发展，这是一个重大举措。

"People get hung up on volatility as if it's risk, but it's not. If you look at it from a risk perspective, Bitcoin has held up better than other assets."

“人们挂在波动上，好像是风险一样，但事实并非如此。如果您从风险的角度看待它，比特币比其他资产更好。”

Earlier this year, BlackRock began integrating IBIT into its model portfolios, starting with a 1% to 2% allocation for high-risk investors.

今年早些时候，黑石开始将IBIT集成到其模型投资组合中，从高危投资者的1％到2％的分配开始。

These portfolios, which are designed for investors with a high-risk tolerance, now include bitcoin in the same category as real estate and commodities.

这些投资组合专为具有高风险公差的投资者而设计的产品组合现在包括与房地产和商品同一类别的比特币。

"This is a key step in the normalization of bitcoin as an asset class, despite concerns over interest rates or American economic growth, which could impact stock prices," Mitchnick said.

米奇尼克说：“尽管担心利率或美国经济增长，这可能会影响股票价格，这是比特币作为资产类别的正常化的关键步骤。”

He added that BlackRock is betting on bitcoin as a hedge in a down market, as an uptick in rates would also penalize equities.

他补充说，贝莱德（Blackrock）将比特币视为下跌市场的树篱，因为利率上升也将惩罚股票。

"Bitcoin offers partial decorrelation, which is an advantage in times of instability. In the event of a systemic crisis, investors will seek assets outside the traditional banking system."

“比特币提供部分去相关，这是不稳定时期的优势。如果发生系统性危机，投资者将在传统银行体系之外寻求资产。”

This comment is particularly relevant given the role that gold played in the 1970s as a hedge against inflation and economic uncertainty.

鉴于黄金在1970年代的作用是抵制通货膨胀和经济不确定性的对冲，这一评论尤其重要。

In contrast to other institutions that are entering the crypto space with speculative products, BlackRock is approaching digital assets with a focus on providing institutional-grade investment solutions.

与其他正在使用投机产品进入加密货币空间的机构相反，Blackrock正在接近数字资产，重点是提供机构级投资解决方案。

This approach is evident in the seamless integration of IBIT into BlackRock's existing model portfolios, which are designed to meet the specific risk tolerances and investment objectives of different investor segments.

这种方法在IBIT与BlackRock现有的模型投资组合中无缝集成中很明显，该组合旨在满足不同投资者领域的特定风险公差和投资目标。

Moreover, BlackRock's interest in Bitcoin is not new. The firm has been following the cryptocurrency closely since 2017, when it first began exploring the potential of blockchain technology for financial applications.

而且，贝莱德对比特币的兴趣并不是什么新鲜事。自2017年以来，该公司就一直在密切关注加密货币，当时该公司首次开始探索区块链技术用于金融应用的潜力。

This early engagement in the cryptocurrency sector has allowed BlackRock to develop a deep understanding of Bitcoin's unique characteristics and how it can fit into broader investment strategies.

对加密货币行业的这种早期参与使贝莱德能够深入了解比特币的独特特征以及如何适应更广泛的投资策略。

As the global economy continues to evolve and investors search for new opportunities, institutions like BlackRock are playing a crucial role in shaping the future of finance.

随着全球经济不断发展和投资者寻找新的机会，贝莱德这样的机构在塑造财务的未来方面发挥了至关重要的作用。

With its vast experience in managing traditional assets and its recent foray into digital assets, BlackRock is well-positioned to navigate the complexities of the evolving investment landscape.

凭借在管理传统资产以及最近涉足数字资产的巨大经验的情况下，贝莱德（BlackRock）置于良好的范围内，可以浏览不断发展的投资格局的复杂性。

And as investors become increasingly interested in alternative investments, institutions like BlackRock will be key in facilitating access to these assets and expanding the boundaries of portfolio diversification.

随着投资者对替代投资的越来越感兴趣，诸如BlackRock之类的机构将是促进获得这些资产并扩大投资组合多元化界限的关键。

At the beginning of 2025, BlackRock integrated its Bitcoin ETF (IBIT) into its model portfolios, with an allocation of 1% to 2%. A minimalistic decision in appearance, but heavy with meaning.

在2025年初，贝莱德将其比特币ETF（IBIT）集成到其模型组合中，分配了1％至2％。外观上的简约决定，但意义重大。

These portfolios, intended for high-risk investors, now include bitcoin on par with real estate or commodities.

这些投资组合是针对高风险投资者的，现在包括与房地产或商品相当的比特币。

"This is a key step in the normalization of bitcoin as an asset class, despite concerns over interest rates or American economic growth, which could impact stock prices," Mitchnick stated.

米奇尼克说：“尽管担心利率或美国经济增长，这可能会影响股票价格，这是比特币作为资产类别的正常化的关键步骤。”

Despite these concerns, BlackRock is betting on bitcoin as a hedge in a down market, as an uptick in rates would also penalize equities.

尽管有这些担忧，贝莱德仍将比特币视为下跌市场的树篱，因为利率上升也将惩罚股票。

"Bitcoin offers partial decorrelation, which is an advantage in times of instability. In the event of a systemic crisis, investors will seek assets outside the traditional banking system," Mitchnick argued.

米奇尼克认为：“比特币提供部分去相关，这是不稳定时期的优势。如果发生系统性危机，投资者将在传统的银行系统之外寻求资产。”

This reasoning is reminiscent of the role gold played in the 1970s as an asset class that investors flocked to in times of economic uncertainty.

这种推理让人联想到黄金在1970年代作为一种资产类别，在经济不确定性时期涌向投资者。

However, in the current context, investors are turning towards bitcoin, a token known for its algorithmic scarcity, decentralization, and absence of state sovereignty.

但是，在当前情况下，投资者正在转向比特币，这是一个以其算法稀缺，权力下放和缺乏国家主权的代币而闻名的。

"It's not a tech stock or a meme stock; it's more like digital gold," Mitchnick noted.

米奇尼克指出：“这不是科技股或模因股票；它更像是数字黄金。”

At the same time, industry operators may have self-inflicted a wound by emphasizing bitcoin's

同时，行业运营商可能通过强调比特币来自我伤害