比特币：新资产类别的诞生

多年来，股市投资者对比特币一直是又爱又恨。在早期，比特币经常被视为边缘产品而被忽视

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.

多年来，股市投资者对比特币一直是又爱又恨。在早期，比特币经常被认为是一种主要用于犯罪企业的边缘工具。尽管它作为一种支付方式已获得一定程度的认可，但由于其高波动性，仍未广泛用于日常交易。

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.

由于比特币不反映企业的所有权，因此它没有明确的内在价值。无法使用贴现现金流、资产负债表或企业价值等传统投资指标来得出近似估值。

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.

思考比特币价值的最佳方式是纯粹的供给和需求。新的比特币是由比特币矿工使用巨大的计算能力来解决验证比特币交易的极其复杂的数学问题而创建的。成功解决这些问题会释放新的比特币奖励，同时以去中心化的方式确保所有权。比特币的供应受到严格控制，最终比特币的供应量有限，为 2100 万个。

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

现在，让我们快速回顾一下推动比特币需求的主要因素：

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.

这些发展的主要收获是，比特币现在是一种越来越有可能出现在大多数多元化投资组合中的资产类别。在大多数主要投资组合中，比特币的敞口仍然非常有限，因此需求增长潜力强劲。

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.

许多专家预测比特币在未来几年将增长数倍。虽然这是可能的，但没有办法合理化目标价格，因为不知道未来会有多少需求。

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.

交易和投资比特币的方式纯粹基于图表。确定您的时间范围，然后应用标准技术分析来进出仓位。

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.

未来几年，比特币很可能会出现剧烈波动，如果持有者长期持有比特币，就需要做好心理准备。交易者将有很多机会交易比特币，但需要时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.

我选择的比特币工具是 iShares 比特币信托 ETF (BITA)。现在一些经纪商允许这款ETF每天24小时交易，所以这与持有实际的比特币没有太大区别。

At the time of publication, DePorre was long IBIT.

在本文发表时，DePorre 持有 IBIT 多头头寸。