高盛对比特币采用激增表示怀疑

高盛首席投资官 Sharmin Mossavar-Rahmani 对加密货币作为合法投资资产类别表示怀疑。她强调了由于缺乏传统估值指标而对加密资产进行估值的困难，并对不受监管的市场的优点提出了质疑。尽管她持怀疑态度，高盛仍然从基础设施的角度参与加密生态系统，认识到基于区块链的资产的增长潜力。

Goldman Sachs' Skepticism Amidst Growing Institutional Interest in Bitcoin

高盛对比特币日益增长的机构兴趣持怀疑态度

In a recent interview, Sharmin Mossavar-Rahmani, Goldman Sachs Wealth Management's chief investment officer, expressed the firm's skepticism towards cryptocurrencies, including Bitcoin (BTC). Despite the surge in trading volume and institutional adoption of Bitcoin through approved spot Bitcoin exchange-traded funds (ETFs), Mossavar-Rahmani emphasized that Goldman Sachs does not consider cryptocurrencies a legitimate investment asset class.

在最近的一次采访中，高盛财富管理公司首席投资官 Sharmin Mossavar-Rahmani 表达了该公司对包括比特币 (BTC) 在内的加密货币的怀疑态度。尽管通过批准的现货比特币交易所交易基金（ETF），比特币的交易量和机构采用量激增，但 Mossavar-Rahmani 强调，高盛并不认为加密货币是合法的投资资产类别。

Lack of Traditional Valuation Metrics

缺乏传统的估值指标

Mossavar-Rahmani highlighted the alleged challenge of valuing cryptocurrencies, which she said "lack" traditional valuation metrics such as earnings, dividends, or cash flow. This sentiment has reportedly led many of Goldman Sachs' clients to avoid seeking investment advice in the crypto space despite Bitcoin's recent surge to a new all-time high of $73,700 on March 14.

Mossavar-Rahmani 强调了加密货币估值所面临的挑战，她表示加密货币“缺乏”收益、股息或现金流等传统估值指标。据报道，这种情绪导致高盛的许多客户避免在加密货币领域寻求投资建议，尽管比特币最近在 3 月 14 日飙升至 73,700 美元的历史新高。

Speculative Investments and Unregulated Markets

投机投资和不受监管的市场

Mossavar-Rahmani views cryptocurrencies primarily as speculative investments and questions the merit of unregulated markets. She emphasizes the importance of the rule of law and systems of checks and balances in the financial ecosystem.

Mossavar-Rahmani 将加密货币主要视为投机投资，并对不受监管的市场的优点提出质疑。她强调了金融生态系统中法治和制衡体系的重要性。

Contrasting Views in Traditional Finance Sector

传统金融领域的观点对比

However, Mossavar-Rahmani's stance contrasts with those of others in the traditional finance sector, which gradually incorporate cryptocurrencies into their offerings.

然而，Mossavar-Rahmani 的立场与传统金融领域的其他人形成鲜明对比，后者逐渐将加密货币纳入其产品中。

Mixed Messages from Goldman Sachs

高盛发出的复杂信息

While Mossavar-Rahmani notes that Goldman Sachs may not have a definitive long-term view on Bitcoin or digital assets in portfolios, the firm is actively engaged in the crypto ecosystem from an infrastructure perspective. Previously, Goldman Sachs' global head of digital assets, Mathew McDermott, anticipated significant growth in trading volumes in blockchain-based assets in the coming years and expressed a bullish stance on Bitcoin's price.

尽管 Mossavar-Rahmani 指出，高盛可能对比特币或投资组合中的数字资产没有明确的长期看法，但该公司从基础设施的角度积极参与加密生态系统。此前，高盛全球数字资产主管 Mathew McDermott 预计未来几年基于区块链的资产交易量将大幅增长，并对比特币价格表示看涨立场。

Bitcoin ETFs Gain Traction

比特币 ETF 受到关注

In January, the US Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs, with asset managers such as BlackRock, Fidelity, Grayscale, VanEck, and others issuing these index funds. The iShares Bitcoin Trust (IBIT) by BlackRock and the Wise Original Bitcoin Fund (FBTC) by Fidelity have emerged as the leading Bitcoin ETFs, accumulating nearly $60 billion in assets under management thus far.

1月份，美国证券交易委员会（SEC）批准了11只现货比特币ETF，贝莱德、富达、灰度、VanEck等资产管理公司发行了这些指数基金。贝莱德 (BlackRock) 旗下的 iShares 比特币信托 (IBIT) 和富达 (Fidelity) 旗下的 Wise Original Bitcoin Fund (FBTC) 已成为领先的比特币 ETF，迄今为止管理的资产已累计近 600 亿美元。

Goldman Sachs' Role in Bitcoin ETFs

高盛在比特币 ETF 中的作用

Interestingly, despite Mossavar-Rahmani's public skepticism of crypto investments, Goldman Sachs has expressed interest in playing a "crucial role" in the spot Bitcoin ETFs launched by Blackrock and Grayscale (GBTC). This role involves creating and redeeming ETF shares to ensure their alignment with underlying assets.

有趣的是，尽管 Mossavar-Rahmani 公开对加密货币投资持怀疑态度，但高盛却表示有兴趣在 Blackrock 和 Grayscale (GBTC) 推出的现货比特币 ETF 中发挥“关键作用”。该角色涉及创建和赎回 ETF 份额，以确保其与基础资产保持一致。

Growing Interest in Crypto-Related Financial Instruments

人们对加密货币相关金融工具的兴趣日益浓厚

Major exchanges such as Nasdaq, CBOE, and NYSE Arca have also filed for SEC approval to trade related ETF options, indicating the growing interest in crypto-related financial instruments. In January, reports emerged that Morgan Stanley was exploring adding spot Bitcoin ETFs to its brokerage platform. If approved, Morgan Stanley would be the first among large registered investment advisor networks and broker-dealer platforms to list the ETFs.

纳斯达克、芝加哥期权交易所和纽约证券交易所 Arca 等主要交易所也已向 SEC 申请批准交易相关 ETF 期权，这表明人们对加密货币相关金融工具的兴趣日益浓厚。一月份，有报道称摩根士丹利正在探索在其经纪平台上添加现货比特币 ETF。如果获得批准，摩根士丹利将成为大型注册投资顾问网络和经纪自营商平台中第一个上市 ETF 的公司。

Skepticism Amidst Industry Optimism

行业乐观中夹杂着怀疑

Despite Goldman Sachs' skeptical stance, industry analysts predict that most major platforms and networks will eventually approve Bitcoin ETFs. The approval of these ETFs by various platforms is expected to significantly expand Bitcoin's addressable market and potentially lead to increased inflows from other prominent financial institutions.

尽管高盛持怀疑态度，但行业分析师预测大多数主要平台和网络最终将批准比特币 ETF。这些 ETF 获得各个平台的批准预计将显着扩大比特币的潜在市场，并可能导致其他知名金融机构的资金流入增加。

As of this writing, the price of BTC stands at $65,600, with sideways trading between $64,400 and $66,500 in recent days.

截至撰写本文时，BTC 的价格为 65,600 美元，最近几天的横盘交易区间为 64,400 美元至 66,500 美元。