比特幣應被視為“不相關的資產”

貝萊德（BlackRock）的美國股本ETFS負責人傑伊·雅各布斯（Jay Jacobs）在周四的一次採訪中告訴CNBC。

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

獅子和球員的足球價格有些柔和。每個arcu lorem，超級兒童或ullamcorper的足球仇恨。

Bitcoin should be valued as “an uncorrelated asset that benefits when the world gets messier,” BlackRock’s US Head of Equity ETFs Jay Jacobs told CNBC in an interview on Thursday.

BlackRock的美國Equity ETFS主管Jay Jacobs在周四的一次採訪中對CNBC表示，比特幣應被視為“當世界變得更加混亂時的不相關資產”。

“Crypto over the long run is decoupled from US tech stocks,” Jacobs said, stressing that short-term market stress can mask the difference but that “the long-term correlation between US stocks and Bitcoin is more like two or three percent.” He argued that what pushes equities higher—“higher growth, higher certainty, lower geopolitical risk”—is the mirror image of the forces that move Bitcoin. “Bitcoin thrives when you have more uncertainty and are looking for something that’s going to behave differently, so fundamentally they should behave like an uncorrelated asset.”

雅各布斯說：“從長遠來看，加密貨幣與美國科技股取消了。”他強調，短期市場壓力可以掩蓋差異，但“美國股票與比特幣之間的長期相關性更像是兩到三％。”他認為，推動股票更高的原因（“更高的增長，更高的確定性，較低的地緣政治風險”）是移動比特幣力量的鏡像。 “當您有更多的不確定性並正在尋找將會有所不同的事情時，比特幣會蓬勃發展，因此從根本上講，它們應該像不相關的資產一樣行事。”

BTC was changing hands just under $94,000 during Jacobs’ appearance, extending a rally that has added roughly 150% since spot-ETF approvals early last year.

在雅各布斯（Jacobs）出場期間，BTC的易手不到94,000美元，自去年年初Spot-ETF批准以來，一場集會增加了約150％。

Bitcoin Rises Because Of ‘Mega-Forces”

比特幣由於“大型福利”而升起

Jacobs tied price behaviour directly to flows. “We would think over the long term, if this trajectory of greater uncertainty around the world continues, things like gold and Bitcoin should continue to go up.” He noted that investors are repositioning accordingly: “We’ve seen significant inflows into gold ETFs; we’ve seen significant inflows into Bitcoin, and this is all because people are looking for those assets that will behave differently.”

雅各布斯將價格行為直接與流動聯繫在一起。 “從長遠來看，我們會考慮到世界各地更加不確定性的這種軌跡繼續存在，諸如黃金和比特幣之類的事情應該繼續上升。”他指出，投資者正在相應地重新定位：“我們已經看到大量流入黃金ETF；我們已經看到了大量流入比特幣，這全都是因為人們正在尋找那些將會有所不同的資產。”

The biggest beneficiary has been BlackRock’s own iShares Bitcoin Trust (IBIT), which on 23 April absorbed $643 million of net creations—its largest one-day haul since January—lifting the fund’s assets to roughly $54 billion.

最大的受益人是貝萊德（BlackRock）自己的iShares比特幣信託（IBIT），該信託（IBIT）在4月23日吸收了6.43億美元的淨創作，這是自1月份以來最大的一日稅收，將該基金的資產提高到約540億美元。

Jacobs framed the rush into hard assets as part of a longer geopolitical realignment. “If you look at central banks around the world, a continued movement towards diversification beyond just holding dollars is something that’s been happening for decades… the switch from just holding dollars to holding gold to looking at other types of assets like Bitcoin is a trend that’s been years in the making.”

雅各布斯（Jacobs）將匆忙的資產歸結為較長的地緣政治重組的一部分。 “如果您看著世界各地的中央銀行，幾十年來一直在發生多元化的持續發展，這是已經發生的……從僅持有美元到持有黃金到查看其他類型的資產，例如比特幣等趨勢是多年來的趨勢。”

Central-bank gold purchases illustrate the shift: net buying topped 1,044 tonnes in 2024, the third consecutive year above the thousand-tonne mark, double the average of the previous decade.

中央銀行黃金的購買說明了轉變：2024年的淨購買超過1,044噸，這是超過千噸位的第三年，是前十年平均值的兩倍。

He linked those reserve moves to BlackRock’s 2023 “mega-forces” framework, which identified geopolitical fragmentation as a secular driver of returns. “That mega force is materialising in policies like reshoring in the United States and, I think, directly related to that fragmentation has been the rise of things like Bitcoin, as people see more destabilisation in geopolitics resulting in the need for more alternative assets.”

他將這些儲備的動作與貝萊德（Blackrock）的2023年“大型福利”框架聯繫起來，該框架將地緣政治碎片定為返回的世俗驅動力。 “大型力量正在實現在美國重新制定的政策中，我認為與這種分裂直接相關的是比特幣等事物的興起，因為人們在地緣政治上看到了更多的穩定，導致需要更多的替代資產。”

BlackRock’s influence is difficult to overstate: the firm ended the first quarter with a record $11.6 trillion under management.

貝萊德的影響很難誇大：該公司以創紀錄的11.6萬億美元的管理結束了第一季度。

By pairing that scale with a public thesis that Bitcoin’s fair price rises as uncertainty deepens, the asset-manager is effectively codifying a valuation model in which scarcity and sanction-resistance—not discounted cash flows—set the marginal price.

通過將比特幣的公平價格上漲隨著不確定性加深的公開論文，資產經理正在有效地編寫一個估值模型，在該模型中，稀缺性和抗藥性抗性（而不是折現現金流量），這使邊際價格降低了。

As Jacobs put it, the market is “looking for alternatives—parts of the portfolio that are going to behave separately from stocks and bonds.” With IBIT now swallowing more BTC each day than miners can produce post-halving, his remarks may offer the clearest blueprint yet for how the world’s largest asset manager thinks about pricing the world’s largest cryptocurrency.

正如雅各布斯（Jacobs）所說，市場正在“尋找替代品，這是投資組合的部分，這些產品將與股票和債券分開。”現在，隨著ibit每天吞嚥的BTC比礦工可以產生後的時間更多，他的言論可能會為世界上最大的資產經理如何看待定價世界上最大的加密貨幣的最明顯藍圖。

At press time, BTC traded at $94,510.

發稿時，BTC的交易價格為94,510美元。