富达报告：养老基金以谨慎乐观的态度探索加密货币领域

尽管养老基金传统上采取保守的投资策略，但在最近比特币交易所交易基金（ETF）获得批准的推动下，养老基金对加密资产（尤其是比特币）表现出了新的兴趣。富达数字资产强调，固定福利计划和养老基金正在探索将加密货币纳入其投资组合的可能性，尽管由于监管要求和决策结构，这一过程是谨慎和复杂的。

Fidelity's Report: Pension Funds Dip Their Toes into the Cryptosphere

富达报告：养老基金涉足加密领域

May 5, 2023

2023 年 5 月 5 日

Renowned financial services behemoth Fidelity has uncovered a burgeoning curiosity among pension funds towards cryptocurrencies, particularly Bitcoin. This surge in interest follows the recent approval of spot Bitcoin exchange-traded funds (ETFs), signaling a shift in the traditional investment landscape.

著名金融服务巨头富达发现养老基金对加密货币（尤其是比特币）日益浓厚的兴趣。近期比特币现货交易所交易基金（ETF）获得批准后，人们的兴趣激增，这标志着传统投资格局的转变。

During an event in London, Manuel Nordeste, Vice President of Fidelity Digital Assets, shed light on the exploratory phase in which defined benefit plans and pension funds currently find themselves regarding crypto assets. Investment committees are now actively deliberating on the potential inclusion of digital currencies within their portfolios.

在伦敦举行的一次活动中，富达数字资产公司副总裁曼努埃尔·诺德斯特 (Manuel Nordeste) 阐述了固定福利计划和养老基金目前在加密资产方面的探索阶段。投资委员会目前正在积极考虑将数字货币纳入其投资组合的可能性。

This cautious interest from pension funds holds significant weight, given their typically conservative investment strategies stemming from their obligations to retirees.

考虑到养老基金通常出于对退休人员的义务而采取保守的投资策略，这种谨慎的兴趣具有重要意义。

Contrast with Other Investors

与其他投资者的对比

Pension funds' foray into crypto assets stands in stark contrast to the nimble actions of other investors. Family offices and high-net-worth individuals swiftly embraced cryptocurrencies due to their flexible investment mandates and tolerance for heightened risk.

养老基金进军加密资产与其他投资者的灵活行动形成鲜明对比。由于其灵活的投资要求和对高风险的容忍度，家族办公室和高净值个人迅速接受了加密货币。

Nordeste elucidated how smaller entities possess the agility to swiftly incorporate crypto assets, while large pension funds face a more protracted process due to intricate decision-making structures and stringent regulatory compliance.

Nordeste 阐明了较小的实体如何拥有快速整合加密资产的灵活性，而大型养老基金由于复杂的决策结构和严格的监管合规性而面临更漫长的过程。

Fidelity Digital Assets, established in 2018, initially witnessed interest from family offices, small specialized asset managers, and eventually large hedge funds. The gradual increase in interest across various investor types underscores the broader acceptance of digital assets within the financial community.

富达数字资产成立于 2018 年，最初引起了家族办公室、小型专业资产管理公司以及最终大型对冲基金的兴趣。各种投资者类型的兴趣逐渐增加，凸显了金融界对数字资产的更广泛接受。

Market Impact and Legislative Influence

市场影响和立法​​影响

Fidelity's research unveils a stark divide in sentiment, with 80% of high-net-worth individuals expressing positive views towards digital assets, compared to a mere 23% of pension plans. However, the potential market impact of U.S. pension funds, commanding over $4 trillion in capital, entering the crypto market could be transformative. Even modest allocations towards Bitcoin could trigger substantial capital inflows.

富达的研究揭示了情绪上的明显分歧，80% 的高净值人士对数字资产表示积极看法，而只有 23% 的养老金计划持积极态度。然而，拥有超过 4 万亿美元资本的美国养老基金进入加密货币市场的潜在市场影响可能是革命性的。即使对比特币的适度配置也可能引发大量资本流入。

BlackRock's recent acknowledgment on May 2 of its educational outreach to pension funds regarding Bitcoin ETFs further underscores the growing interest. Additionally, recent 13F filings reveal that several major pension consultants have already purchased spot Bitcoin ETFs.

贝莱德 (BlackRock) 最近于 5 月 2 日承认，其向养老基金开展了有关比特币 ETF 的教育活动，进一步凸显了人们对比特币 ETF 日益增长的兴趣。此外，最近的 13F 文件显示，几家主要养老金顾问已经购买了现货比特币 ETF。

Legislative initiatives, such as those in Arizona encouraging state pension plans to monitor and potentially incorporate Bitcoin ETFs into their portfolios, pave the way for the institutional adoption of Bitcoin.

立法举措，例如亚利桑那州鼓励国家养老金计划监控并可能将比特币 ETF 纳入其投资组合的立法举措，为机构采用比特币铺平了道路。

Cautious Optimism and the Future

谨慎乐观与未来

While pension funds tread cautiously, the increasing conversations and exploratory steps indicate a broader acceptance of crypto assets within the traditional financial realm. The regulatory clarity provided by spot Bitcoin ETFs has played a pivotal role in this shift.

尽管养老基金谨慎行事，但越来越多的对话和探索性步骤表明传统金融领域对加密资产的接受程度越来越高。现货比特币 ETF 提供的监管清晰度在这一转变中发挥了关键作用。

Pension funds, with their vast capital reserves, could potentially become significant drivers of the crypto market. Their entry would not only legitimize the asset class but also provide a much-needed boost to liquidity and price stability.

拥有巨额资本储备的养老基金有可能成为加密货币市场的重要驱动力。它们的加入不仅将使该资产类别合法化，还将为流动性和价格稳定提供急需的推动力。

As regulatory frameworks continue to evolve and investor understanding deepens, the integration of crypto assets into pension portfolios is likely to gain further momentum. The future of this nascent trend holds exciting possibilities for the crypto ecosystem and the financial world at large.

随着监管框架的不断发展和投资者理解的加深，加密资产与养老金投资组合的整合可能会获得进一步的动力。这一新兴趋势的未来为加密生态系统和整个金融界带来了令人兴奋的可能性。