比特幣：新資產類別的誕生

多年來，股市投資者對比特幣一直是又愛又恨。在早期，比特幣經常被視為邊緣產品而被忽視

Stock market investors have had a love/hate relationship with Bitcoin for many years. In its early days, Bitcoin was often dismissed as a fringe instrument used as a tool primarily for criminal enterprises. While it has gained some acceptance as a form of payment, it is still not widely used for routine transactions due to its high level of volatility.

多年來，股市投資者對比特幣一直是又愛又恨。在早期，比特幣經常被認為是一種主要用於犯罪企業的邊緣工具。雖然它作為一種支付方式已獲得一定程度的認可，但由於其高波動性，仍未廣泛用於日常交易。

Since Bitcoin doesn’t reflect ownership in a business enterprise, it has no clear intrinsic value. There is no way to use traditional investment metrics such as discounted cash flow, balance sheets or enterprise value to arrive at an approximate valuation.

由於比特幣不反映企業的所有權，因此它沒有明確的內在價值。無法使用現金流量折現、資產負債表或企業價值等傳統投資指標來得出近似估值。

The best way to think of the value of Bitcoin is pure supply and demand. New Bitcoins are created by Bitcoin miners using massive computing power to solve extremely complicated math problems that verify Bitcoin transactions. Successfully solving these problems releases new Bitcoin rewards while assuring ownership in a decentralized manner. The supply of Bitcoin is carefully controlled, and ultimately, there will be a finite supply of 21 million Bitcoins.

思考比特幣價值的最佳方式是純粹的供給和需求。新的比特幣是由比特幣礦工使用巨大的計算能力來解決驗證比特幣交易的極其複雜的數學問題而創建的。成功解決這些問題會釋放新的比特幣獎勵，同時以去中心化的方式確保所有權。比特幣的供應受到嚴格控制，最終比特幣的供應有限，為 2,100 萬個。

Now, let's quickly review the main factors that are driving up the demand for Bitcoin:

現在，讓我們快速回顧一下推動比特幣需求的主要因素：

The main takeaway from these developments is that Bitcoin is now an asset class that is increasingly likely to be found in most diversified portfolios. There is still very limited exposure to Bitcoin in most major portfolios, so the potential for growth is strong in demand.

這些發展的主要收穫是，比特幣現在是一種越來越有可能出現在大多數多元化投資組合中的資產類別。在大多數主要投資組合中，比特幣的曝險仍然非常有限，因此需求成長潛力強勁。

There are a number of pundits out there who are forecasting that Bitcoin will increase by many fold in the years ahead. While that is possible, there is no way to rationalize targeting a price because it is unknown how much demand there will be in the future.

許多專家預測比特幣在未來幾年將成長數倍。雖然這是可能的，但沒有辦法合理化目標價格，因為不知道未來會有多少需求。

The way to trade and invest in Bitcoin is based purely on the charts. Determine your time frames and then apply standard technical analysis to move in and out of a position.

交易和投資比特幣的方式純粹基於圖表。確定您的時間範圍，然後應用標準技術分析來進出部位。

Bitcoin is very likely to be highly volatile in the years ahead, and holders need to be emotionally prepared for that if they are holding it for the longer term. Traders will have many opportunities to trade Bitcoin, but it will require constant vigilance and good trade management.

未來幾年，比特幣很可能會出現劇烈波動，如果持有者長期持有比特幣，就需要做好心理準備。交易者將有很多機會交易比特幣，但需要時刻保持警惕和良好的交易管理。

My vehicle of choice for Bitcoin is the iShares Bitcoin Trust ETF ( BITA ). Some brokers now allow this ETF to be traded 24 hours a day, so it is not much different from holding actual Bitcoin.

我選擇的比特幣工具是 iShares 比特幣信託 ETF (BITA)。現在一些經紀商允許這款ETF每天24小時交易，所以這與持有實際的比特幣沒有太大區別。

At the time of publication, DePorre was long IBIT.

在本文發表時，DePorre 持有 IBIT 多頭部位。