富达的杰里安·蒂默（Jurrien Timmer）认为，比特币很快就会超过黄金。

Fidelity的全球宏观总监Jurrien Timmer认为，比特币可能是该领先的时候了，超过黄金作为投资者的首选资产。

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.

根据Benzinga的报道，Fidelity的全球宏观总监Jurrien Timmer预测，比特币（BTC-USD）可能很快超过黄金（NYSE：GLD），这是投资者的首选资产。

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.

发生的事情：根据Timmer的分析，比较了这两个资产的夏普比率，比特币可能是该领先的时候了。

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比率是一种至关重要的度量标准，用于评估与其所承受的风险相关的资产绩效。从本质上讲，它们衡量了投资对风险水平调整的回报的程度。

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，比特币的急剧比率为-0.40，表明与所考虑的期间的无风险率相比，它的表现不佳。相比之下，黄金的夏普比率为1.33，展示了其在较低风险的回报方面的出色表现。

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，尽管存在这些差异，但蒂默（Timmer）预测，基于其他绩效指标和更广泛的市场趋势，比特币仍然可以胜过黄金。

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.

尽管比特币的性能更加动荡，但它的动力和提高的采用最终可能会使尺度倾斜。尽管如此，目前，比特币今年对黄金的比分下跌了17％。黄金受益于地缘政治紧张局势，关税纠纷和更广泛的经济不确定性，使其成为更具吸引力的避风港。

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.

为什么重要的是：比特币一直在引起机构投资者和大型金融机构的关注。它的分散性质和作为价值存储的潜力与传统的避风港资产的黄金进行了比较。

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，比特币的波动性和投机性质使它与黄金区分开来，黄金以其在经济困扰时期的稳定性和作用而闻名。

“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解释说：“比特币与黄金略有不同，因为它具有Jekyll博士和Hyde先生的个性，您从来不知道比特币会出现在聚会上。”

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.

他补充说，它可以处于“价值存储模式”中，其中它可以用作持久的价值存储，也可以处于“野生Avena sativa模式”中。

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

投资专家建议以4：1的比率，建议投资者比比特币拥有更多的黄金。

“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说：“我仍然会有4：1的黄金与比特币。因此，对于比特币，他们应该拥有400万美元的黄金。”

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.

该策略涵盖了一种平衡的方法，承认黄金仍然是稳定且具有历史可信赖的资产的关键作用，而比特币则缓慢但稳步成为金融市场上更杰出的参与者。

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.

它还考虑了每个资产在投资者投资组合中提供的不同目的。虽然黄金可能提供稳定性，但比特币具有更高回报的潜力，尽管风险更高。通过保持对两者的接触，投资者可以从每个资产提供的利益中获得利益，而不会过分敏感。

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

接下来是什么：最近，比特币价格在Bitstamp Exchange上达到了97,968美元的新高点，这标志着其2月以来的最高水平。

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，加密货币仍然高度挥发，在短时间内的价值显着波动。尽管具有重大回报的潜力，但比特币通常被视为投机性投资。它的价格受到各种因素的影响，包括市场情绪，监管新闻和全球经济状况。

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，黄金一直保持其更安全，更稳定的投资，尤其是在经济不确定性时期。贵金属是一种反对通货膨胀和货币贬值的对冲，使其成为寻求庇护市场波动性的投资者的首选资产。

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.

随着宏观经济景观的不断发展和对加密货币激增的制度兴趣，比特币与黄金的长期叙述可能会发生有趣的转变。在这个独特的投资故事中，只有时间才能说明出现哪些资产是明显的赢家。