富達的傑里安·蒂默（Jurrien Timmer）認為，比特幣很快就會超過黃金。

Fidelity的全球宏觀總監Jurrien Timmer認為，比特幣可能是該領先的時候了，超過黃金作為投資者的首選資產。

According to reports by Benzinga, Fidelity’s Jurrien Timmer, Director of Global Macro, predicts that Bitcoin (BTC-USD) could soon surpass gold (NYSE:GLD) as the preferred asset for investors.

根據Benzinga的報導，Fidelity的全球宏觀總監Jurrien Timmer預測，比特幣（BTC-USD）可能很快超過黃金（NYSE：GLD），這是投資者的首選資產。

What Happened: According to Timmer’s analysis, which compares the Sharpe ratios of both assets, it may be time for Bitcoin to take the lead.

發生的事情：根據Timmer的分析，比較了這兩個資產的夏普比率，比特幣可能是該領先的時候了。

Sharpe ratios are a crucial metric used to assess an asset’s performance in relation to the amount of risk it carries. In essence, they measure how well an investment generates returns adjusted for the level of risk.

Sharpe比率是一種至關重要的度量標準，用於評估與其所承受的風險相關的資產績效。從本質上講，它們衡量了投資對風險水平調整的回報的程度。

Currently, Bitcoin has a Sharpe ratio of -0.40, indicating that it has underperformed compared to the risk-free rate over the period considered. In contrast, gold stands at a remarkable Sharpe ratio of 1.33, showcasing its superior performance in delivering returns at lower risk.

目前，比特幣的急劇比率為-0.40，表明與所考慮的期間的無風險率相比，它的表現不佳。相比之下，黃金的夏普比率為1.33，展示了其在較低風險的回報方面的出色表現。

However, despite these differences, Timmer predicts that Bitcoin could still prevail over gold based on other performance metrics and the broader market trends.

但是，儘管存在這些差異，但蒂默（Timmer）預測，基於其他績效指標和更廣泛的市場趨勢，比特幣仍然可以勝過黃金。

While Bitcoin’s performance has been more volatile, its momentum and increasing adoption could ultimately tip the scales in its favor. Nevertheless, at present, Bitcoin is down 17% against gold this year. Gold has benefitted from geopolitical tensions, tariff disputes, and the broader economic uncertainty, rendering it a more appealing safe haven.

儘管比特幣的性能更加動盪，但它的動力和提高的採用最終可能會使尺度傾斜。儘管如此，目前，比特幣今年對黃金的比分下跌了17％。黃金受益於地緣政治緊張局勢，關稅糾紛和更廣泛的經濟不確定性，使其成為更具吸引力的避風港。

Why It’s Important: Bitcoin has been gaining attention from institutional investors and large financial institutions. Its decentralized nature and potential as a store of value have drawn comparisons to gold, a traditional safe haven asset.

為什麼重要的是：比特幣一直在引起機構投資者和大型金融機構的關注。它的分散性質和作為價值存儲的潛力與傳統的避風港資產的黃金進行了比較。

However, Bitcoin’s volatility and speculative nature set it apart from gold, which is known for its stability and role in times of economic distress.

但是，比特幣的波動性和投機性質使它與黃金區分開來，黃金以其在經濟困擾時期的穩定性和作用而聞名。

“Bitcoin is slightly different than gold, since it has this Dr. Jekyll & Mr. Hyde personality where you never quite know which Bitcoin is going to show up to the party,” explained Timmer, referring to Bitcoin’s unpredictability.

Timmer解釋說：“比特幣與黃金略有不同，因為它具有Jekyll博士和Hyde先生的個性，您從來不知道比特幣會出現在聚會上。”

It can either be in ‘value storage mode’ where it serves as a persistent store of value, or it’s in ‘wild avena sativa mode,’ ” he added, highlighting Bitcoin’s capability for rapid price fluctuations and external factors.

他補充說，它可以處於“價值存儲模式”中，其中它可以用作持久的價值存儲，也可以處於“野生Avena sativa模式”中。

Recommending a 4:1 ratio, the investment expert suggests investors should still own more gold than Bitcoin.

投資專家建議以4：1的比率，建議投資者比比特幣擁有更多的黃金。

“I would still have a 4:1 exposure to gold versus Bitcoin. So, for every $1 million in Bitcoin, they should have $4 million in gold,” said Timmer.

Timmer說：“我仍然會有4：1的黃金與比特幣。因此，對於比特幣，他們應該擁有400萬美元的黃金。”

This strategy encompasses a balanced approach, acknowledging that gold still holds a pivotal role as a stable and historically trusted asset, while Bitcoin is slowly but steadily emerging as a more prominent player in the financial markets.

該策略涵蓋了一種平衡的方法，承認黃金仍然是穩定且具有歷史可信賴的資產的關鍵作用，而比特幣則緩慢但穩步成為金融市場上更傑出的參與者。

It also takes into account the different purposes each asset serves in an investor’s portfolio. While gold may offer stability, Bitcoin presents the potential for higher returns, albeit with higher risk. By maintaining exposure to both, investors can reap the benefits each asset offers without being overly sensitive to the volatility of either.

它還考慮了每個資產在投資者投資組合中提供的不同目的。雖然黃金可能提供穩定性，但比特幣具有更高回報的潛力，儘管風險更高。通過保持對兩者的接觸，投資者可以從每個資產提供的利益中獲得利益，而不會過分敏感。

What’s Next: Recently, Bitcoin price hit a new high of $97,968 on the Bitstamp exchange, marking its highest level since February.

接下來是什麼：最近，比特幣價格在Bitstamp Exchange上達到了97,968美元的新高點，這標誌著其2月以來的最高水平。

However, the cryptocurrency remains highly volatile, showing substantial fluctuations in value over short periods. Despite its potential for significant returns, Bitcoin is often viewed as a speculative investment. Its price is heavily influenced by a variety of factors, including market sentiment, regulatory news, and global economic conditions.

但是，加密貨幣仍然高度揮發，在短時間內的價值顯著波動。儘管具有重大回報的潛力，但比特幣通常被視為投機性投資。它的價格受到各種因素的影響，包括市場情緒，監管新聞和全球經濟狀況。

In contrast, gold has maintained its status as a safer, more stable investment, especially in times of economic uncertainty. The precious metal is a traditional hedge against inflation and currency devaluation, making it a go-to asset for investors seeking refuge from market volatility.

相比之下，黃金一直保持其更安全，更穩定的投資，尤其是在經濟不確定性時期。貴金屬是一種反對通貨膨脹和貨幣貶值的對沖，使其成為尋求庇護市場波動性的投資者的首選資產。

As the macroeconomic landscape continues to evolve and institutional interest in cryptocurrency surges, the long-term narrative of Bitcoin versus gold could take interesting turns. Only time will tell which asset emerges as the clear winner in this unique investment tale.

隨著宏觀經濟景觀的不斷發展和對加密貨幣激增的製度興趣，比特幣與黃金的長期敘述可能會發生有趣的轉變。在這個獨特的投資故事中，只有時間才能說明出現哪些資產是明顯的贏家。