比特币应被视为“不相关的资产”

贝莱德（BlackRock）的美国股本ETFS负责人杰伊·雅各布斯（Jay Jacobs）在周四的一次采访中告诉CNBC。

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狮子和球员的足球价格有些柔和。每个arcu lorem，超级儿童或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的美国Equity ETFS主管Jay Jacobs在周四的一次采访中对CNBC表示，比特币应被视为“当世界变得更加混乱时的不相关资产”。

“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.”

雅各布斯说：“从长远来看，加密货币与美国科技股取消了。”他强调，短期市场压力可以掩盖差异，但“美国股票与比特币之间的长期相关性更像是两到三％。”他认为，推动股票更高的原因（“更高的增长，更高的确定性，较低的地缘政治风险”）是移动比特币力量的镜像。 “当您有更多的不确定性并正在寻找将会有所不同的事情时，比特币会蓬勃发展，因此从根本上讲，它们应该像不相关的资产一样行事。”

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）出场期间，BTC的易手不到94,000美元，自去年年初Spot-ETF批准以来，一场集会增加了约150％。

Bitcoin Rises Because Of ‘Mega-Forces”

比特币由于“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.”

雅各布斯将价格行为直接与流动联系在一起。 “从长远来看，我们会考虑到世界各地更加不确定性的这种轨迹继续存在，诸如黄金和比特币之类的事情应该继续上升。”他指出，投资者正在相应地重新定位：“我们已经看到大量流入黄金ETF；我们已经看到了大量流入比特币，这全都是因为人们正在寻找那些将会有所不同的资产。”

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.

最大的受益人是贝莱德（BlackRock）自己的iShares比特币信托（IBIT），该信托（IBIT）在4月23日吸收了6.43亿美元的净创作，这是自1月份以来最大的一日税收，将该基金的资产提高到约540亿美元。

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）将匆忙的资产归结为较长的地缘政治重组的一部分。 “如果您看着世界各地的中央银行，几十年来一直在发生多元化的持续发展，这是已经发生的……从仅持有美元到持有黄金到查看其他类型的资产，例如比特币等趋势是多年来的趋势。”

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.

中央银行黄金的购买说明了转变：2024年的净购买超过1,044吨，这是超过千吨位的第三年，是前十年平均值的两倍。

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.”

他将这些储备的动作与贝莱德（Blackrock）的2023年“大型福利”框架联系起来，该框架将地缘政治碎片定为返回的世俗驱动力。 “大型力量正在实现在美国重新制定的政策中，我认为与这种分裂直接相关的是比特币等事物的兴起，因为人们在地缘政治上看到了更多的稳定，导致需要更多的替代资产。”

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

贝莱德的影响很难夸大：该公司以创纪录的11.6万亿美元的管理结束了第一季度。

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.

通过将比特币的公平价格上涨随着不确定性加深的公开论文，资产经理正在有效地编写一个估值模型，在该模型中，稀缺性和抗药性抗性（而不是折现现金流量），这使边际价格降低了。

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）所说，市场正在“寻找替代品，这是投资组合的部分，这些产品将与股票和债券分开。”现在，随着ibit每天吞咽的BTC比矿工可以产生后的时间更多，他的言论可能会为世界上最大的资产经理如何看待定价世界上最大的加密货币的最明显蓝图。

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

发稿时，BTC的交易价格为94,510美元。