拓展視野：超越比特幣

與 Jason Leibowitz 一對一討論 CoinDesk 20 並解鎖廣泛的加密貨幣曝光

expanding horizons: looking beyond bitcoin

拓展視野：超越比特幣

one-on-one with jason leibowitz on the coindesk 20 and unlocking broad crypto exposure

與 Jason leibowitz 在 coindesk 20 上進行一對一交流並解鎖廣泛的加密貨幣曝光

hashnote coin desk 20 index fund series

hashnote coin desk 20指數基金系列

10 years of decentralizing the future

去中心化未來10年

jason leibowitz, head of private wealth at hashnote, discusses the evolution of the crypto market and the forward-looking strategies implemented by hashnote to navigate this dynamic landscape.

hashnote 私人財富主管 Jason leibowitz 討論了加密貨幣市場的演變以及 hashnote 為駕馭這一動態格局而實施的前瞻性策略。

the interview was conducted by coindesk indices and is not associated with coindesk editorial. the views and opinions expressed are those of the author and not associated with coindesk. this is not financial advice.

該訪談是由 coindesk 指數進行的，與 coindesk 社論無關。所表達的觀點和意見僅代表作者個人觀點，與 coindesk 無關。這不是財務建議。

how has bitcoin’s recent halving impacted the crypto asset class, and what opportunities does it present for investors?

比特幣最近的減半對加密資產類別有何影響？

the bitcoin halving reduces the supply of new bitcoin entering circulation by decreasing mining rewards, which in turn curbs selling pressure from miners. historically, these events have preceded significant price appreciation in the following 12 to 18 months. while future outcomes are uncertain, optimism remains high for potential new all-time highs in the coming year.

比特幣減半透過減少挖礦獎勵來減少進入流通的新比特幣的供應，這反過來又抑制了礦工的拋售壓力。從歷史上看，這些事件都會導致價格在接下來的 12 至 18 個月內大幅上漲。儘管未來結果不確定，但人們對來年可能創下歷史新高的樂觀情緒仍然很高。

how should investors be thinking about their portfolios in response to the implications of the bitcoin halving and the evolving dynamics of the crypto market cycle?

投資者應該如何考慮他們的投資組合，以應對比特幣減半的影響和加密貨幣市場週期不斷變化的動態？

given the impact of the bitcoin halving and the evolving market dynamics, investors may consider realigning their portfolios. while bitcoin's performance often sets the tone for market sentiment, diversifying across major cryptocurrencies could mitigate the risks associated with single-asset exposure. exploring indexes like the coindesk 20 index offers broader market exposure beyond bitcoin. investors may find that such indexes help give an understanding of broader market dynamics and can be an asset to their toolkit.

考慮到比特幣減半的影響和不斷變化的市場動態，投資者可能會考慮重新調整其投資組合。雖然比特幣的表現常常為市場情緒定下基調，但主要加密貨幣的多元化可以減輕與單一資產曝險相關的風險。探索像 coindesk 20 指數這樣的指數可以提供比特幣以外更廣泛的市場曝險。投資者可能會發現此類指數有助於了解更廣泛的市場動態，並且可以成為他們的工具包的資產。

how do asset managers like hashnote aim to give investors exposure to the coindesk 20 index?

像 hashnote 這樣的資產管理公司如何讓投資人接觸到 coindesk 20 指數？

hashnote provides access to the coindesk 20 via its coindesk 20 index fund series, streamlining portfolio diversification. this offering, part of hashnote’s new long token fund, simplifies the management of multiple cryptocurrencies by offering exposure to a market cap-weighted basket of the top 20 coins that make up the coindesk 20. the hashnote coindesk 20 index fund series offers an efficient and convenient means for investors to access diversified exposure to the crypto market.

hashnote 透過其 coindesk 20 指數基金系列提供對 coindesk 20 的訪問，從而簡化了投資組合的多元化。該產品是 hashnote 新多頭代幣基金的一部分，透過提供構成 coindesk 20 的前 20 種代幣的市值加權籃子敞口，簡化了多種加密貨幣的管理。投資者提供多元化投資加密貨幣市場的便捷方式。

the coindesk 20 just went through a reconstitution, per the public methodology, and added the near protocol. would you like to comment on the reconstitution?

coindesk 20 剛剛根據公共方法進行了重組，並添加了近協議。您想對重組發表評論嗎？

a notable addition to the coindesk 20 during the second quarter's rebalancing was the near protocol, a layer-one blockchain renowned as a community-run cloud computing platform. near protocol stands out for its innovative solutions to common blockchain challenges, such as low transaction speeds and poor interoperability. what sets near apart is its integration of artificial intelligence (ai) into the protocol. near aims to democratize ai by making it open source, leveraging its not-for-profit and decentralized nature. this integration of ai is expected to accelerate development speed and improve user experience, in line with near's vision of fostering an open, permissionless ecosystem. this exemplifies the coindesk 20’s forward-thinking methodology that now includes successful projects like near which drive innovation in the crypto sphere, helping enable investor access to emerging technologies poised for significant growth.

在第二季的重新平衡期間，coindesk 20 的一個值得注意的新增內容是近協議，這是一個以社區運行的雲端運算平台而聞名的第一層區塊鏈。近協議因其針對常見區塊鏈挑戰（例如交易速度低和互通性差）的創新解決方案而脫穎而出。與眾不同之處在於它將人工智慧 (ai) 整合到協定中。 Near 的目標是透過開源、利用人工智慧的非營利和去中心化性質來實現人工智慧的民主化。人工智慧的這種整合預計將加快開發速度並改善用戶體驗，這符合 NEAR 培育開放、無需許可的生態系統的願景。這體現了 coindesk 20 的前瞻性思維方法，該方法現在包括成功的項目，例如推動加密領域創新的、幫助投資者獲得有望顯著增長的新興技術的項目。

what feedback have you received from clients and industry participants regarding the coindesk 20 index?

您從客戶和行業參與者那裡收到了關於 coindesk 20 指數的哪些回饋？

feedback on the coindesk 20 has been overwhelmingly positive, reflecting several key advantages appreciated by both clients and industry participants. many clients have expressed the need for a reliable benchmark to compare their crypto investments against, and the coindesk 20 serves this purpose effectively. additionally, clients are relieved that they no longer have to manage multiple wallets and private keys across various cryptocurrencies, thanks to the hashnote coindesk 20 index fund series’ one-touch, diversified access.

對 coindesk 20 的回饋非常積極，反映出客戶和行業參與者都讚賞的幾個關鍵優勢。許多客戶表示需要一個可靠的基準來比較他們的加密貨幣投資，而 coindesk 20 有效地滿足了這個目的。此外，由於 hashnote coindesk 20 指數基金系列的一鍵式、多元化訪問，客戶不再需要管理各種加密貨幣的多個錢包和私鑰，這讓他們感到放心。

industry participants have also noted the coindesk 20's alignment with the markowitz model of portfolio theory, which suggests that risks can be minimized through diversification. the coindesk 20’s market cap-weighted index provides efficient exposure to a broad range of digital assets, embodying this principle. furthermore, the coindesk 20 addresses the difficulty clients faced in sourcing liquidity for smaller tokens and deciding which non-core tokens (beyond bitcoin and ethereum) to allocate to. overall, the coindesk 20 has become a valuable tool for investors seeking comprehensive and efficient market exposure, facilitating broader adoption of cryptocurrencies within traditional investment portfolios.

產業參與者也注意到 coindesk 20 與投資組合理論的馬科維茨模型的一致性，這表明可以透過多元化將風險降至最低。 coindesk 20 的市值加權指數提供了對廣泛數位資產的有效敞口，體現了這一原則。此外，coindesk 20 還解決了客戶在為較小的代幣尋找流動性以及決定分配哪些非核心代幣（比特幣和以太坊之外）時所面臨的困難。總體而言，coindesk 20 已成為尋求全面、高效市場曝險的投資者的寶貴工具，有助於在傳統投資組合中更廣泛地採用加密貨幣。

visit https://www.hashnote.com/products/coindesk-20 for more information.

請造訪 https://www.hashnote.com/products/coindesk-20 以了解更多資訊。

this content was produced by coindesk indices, inc. (“cdi”) and not the coindesk editorial team. cdi does not sponsor, endorse, sell, promote or manage any investment offered by any third party that seeks to provide an investment return based on the

內容由 coindesk Index, Inc. 製作。 （“cdi”）而不是 coindesk 編輯團隊。 CDI 不贊助、認可、出售、推廣或管理任何第三方提供的任何投資，這些投資旨在根據以下內容提供投資回報：