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2021-06-16
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Bitcoin Is a Fail for Retail Investors, Goldman Sachs Team Warns<blockquote>高盛团队警告说，比特币对散户投资者来说是失败的</blockquote>
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Now, a","content":"<p>As Bitcoin soared to new highs over the past year, many wondered if they should invest in it. Now, a team at Goldman Sachs is telling retail investors that the digital currency isn’t worthy of most portfolios—at least not yet.</p><p><blockquote>随着比特币在过去一年飙升至新高，许多人想知道他们是否应该投资它。现在，高盛的一个团队告诉散户投资者，数字货币不值得大多数投资组合--至少现在还不值得。</blockquote></p><p> In a new report to private-wealth management clients, Goldman’s Investment Strategy Group (ISG) noted that Bitcoin and other cryptocurrencies fail to meet the criteria it believes determine whether an asset class is “investable.”</p><p><blockquote>高盛投资策略小组（ISG）在一份提交给私人财富管理客户的新报告中指出，比特币和其他加密货币未能达到其认为决定资产类别是否 “可投资 ”的标准。</blockquote></p><p> “While the digital asset ecosystem may well revolutionize the future of everything,” the team wrote, “that does not imply that cryptocurrencies are an investable asset class.”</p><p><blockquote>“该团队写道：”虽然数字资产生态系统很可能彻底改变未来的一切，但这并不意味着加密货币是一种可投资的资产类别。</blockquote></p><p> Goldman’s ISG team applies five criteria to determine whether an asset, including Bitcoin, is a sound investment—and requires at least three to be met:</p><p><blockquote>高盛的 ISG 团队采用五项标准来确定一项资产（包括比特币）是否是一项合理的投资，并且至少需要满足三项标准：</blockquote></p><p> • Generate steady, reliable cash flow on a contractual basis, like bonds</p><p><blockquote>• 在合约基础上产生稳定、可靠的现金流，如债券</blockquote></p><p> • Generate earnings through exposure to economic growth, like equities</p><p><blockquote>- 通过接触经济增长（如股票）来创造收入</blockquote></p><p> • Provide consistent and reliable diversification benefits to a portfolio</p><p><blockquote>• 为投资组合提供一致可靠的多元化收益</blockquote></p><p> • Dampen volatility</p><p><blockquote>• 抑制波动性</blockquote></p><p> • Provide consistent and reliable evidence of hedging inflation or deflation as a store of value</p><p><blockquote>• 提供一致可靠的证据，证明对冲通货膨胀或通货紧缩是一种价值储存手段</blockquote></p><p> Bitcoin fell short in each criteria. And the team pointed out that data on cryptocurrency has been limited and sometimes of “poor” quality.</p><p><blockquote>比特币在每个标准上都不及格。研究小组指出，有关加密货币的数据一直很有限，有时质量 “很差 ”。</blockquote></p><p> The note comes as Goldman is expanding its crypto offerings to institutional clients. Earlier this year, Goldman’s investment bank launched a cryptocurrency trading desk that focused on Bitcoin. In the coming months, the bank will offer ether options and futures to its clients, Bloomberg reported.</p><p><blockquote>这一消息发布之际，高盛正在向机构客户扩大其加密产品。今年早些时候，高盛的投资银行推出了一个专注于比特币的加密货币交易台。据彭博社报道，未来几个月，该银行将向客户提供以太期权和期货。</blockquote></p><p> For typical investors who lack the assets or access to portfolio strategies that would allow them to stomach volatility, cryptos don’t make much sense. Nor are they likely to add value to as a strategic asset class for consumer and private-wealth clients, the ISG team wrote.</p><p><blockquote>对于缺乏资产或投资组合策略来承受波动的典型投资者来说，加密货币意义不大。ISG 团队写道，它们也不太可能作为消费者和私人财富客户的战略资产类别增加价值。</blockquote></p><p> By the team’s measure, based on Bitcoin’s “risk, return and uncertainty characteristics,” a 1% allocation to the crypto in a moderate-risk portfolio would have to generate an annual return of 165% to make sense in a portfolio. A 2% allocation would require 365% annual return. But over the last seven years Bitcoin has delivered an annualized return of 69%.</p><p><blockquote>根据该团队根据比特币的 “风险、回报和不确定性特征 ”进行的测量，在中等风险投资组合中，将 1% 配置给加密货币，年回报率必须达到 165%，投资组合才有意义。2% 的配置需要 365% 的年回报率。但在过去的七年里，比特币的年化回报率为 69%。</blockquote></p><p> Just a few months ago, Bitcoin traded as high as $60,000.The recent drops occurred even as the number of Bitcoins has increased, meaning the total market capitalization lost has been much greater.</p><p><blockquote>就在几个月前，比特币的交易价格还高达 6 万美元。尽管比特币的数量有所增加，但最近的下跌还是发生了，这意味着总市值损失要大得多。</blockquote></p><p> “Someone bought Bitcoin at peak prices in April 2021 and someone sold at the lower prices later in May, so some real value was actually lost,” the team wrote.</p><p><blockquote>“研究小组写道：”有人在 2021 年 4 月以最高价买入比特币，有人在 5 月下旬以较低价格卖出，因此实际上损失了一些真正的价值。</blockquote></p><p> Also of concern to the team is the security of cryptocurrencies. There have been instances where investors’ private keys have been stolen, so they can’t access their coins. Hacking and cyberattacks occur in the so-called “traditional financial system,” too, but investors have more recourse. In the case of cryptocurrencies, once a key is stolen, the investor generallydoesn’t have a central authority to appeal to to recoup their assets—in other words, “not your keys, not your coins.”</p><p><blockquote>该团队还关注加密货币的安全性。曾发生过投资者私钥被盗的情况，因此他们无法访问自己的硬币。黑客攻击和网络攻击也发生在所谓的 “传统金融系统 ”中，但投资者有更多的追索权。就加密货币而言，一旦密钥被盗，投资者通常没有中央机构可以上诉以追回其资产--换句话说，“不是你的密钥，不是你的硬币”。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Is a Fail for Retail Investors, Goldman Sachs Team Warns<blockquote>高盛团队警告说，比特币对散户投资者来说是失败的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin Is a Fail for Retail Investors, Goldman Sachs Team Warns<blockquote>高盛团队警告说，比特币对散户投资者来说是失败的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-16 08:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As Bitcoin soared to new highs over the past year, many wondered if they should invest in it. Now, a team at Goldman Sachs is telling retail investors that the digital currency isn’t worthy of most portfolios—at least not yet.</p><p><blockquote>随着比特币在过去一年飙升至新高，许多人想知道他们是否应该投资它。现在，高盛的一个团队告诉散户投资者，数字货币不值得大多数投资组合--至少现在还不值得。</blockquote></p><p> In a new report to private-wealth management clients, Goldman’s Investment Strategy Group (ISG) noted that Bitcoin and other cryptocurrencies fail to meet the criteria it believes determine whether an asset class is “investable.”</p><p><blockquote>高盛投资策略小组（ISG）在一份提交给私人财富管理客户的新报告中指出，比特币和其他加密货币未能达到其认为决定资产类别是否 “可投资 ”的标准。</blockquote></p><p> “While the digital asset ecosystem may well revolutionize the future of everything,” the team wrote, “that does not imply that cryptocurrencies are an investable asset class.”</p><p><blockquote>“该团队写道：”虽然数字资产生态系统很可能彻底改变未来的一切，但这并不意味着加密货币是一种可投资的资产类别。</blockquote></p><p> Goldman’s ISG team applies five criteria to determine whether an asset, including Bitcoin, is a sound investment—and requires at least three to be met:</p><p><blockquote>高盛的 ISG 团队采用五项标准来确定一项资产（包括比特币）是否是一项合理的投资，并且至少需要满足三项标准：</blockquote></p><p> • Generate steady, reliable cash flow on a contractual basis, like bonds</p><p><blockquote>• 在合约基础上产生稳定、可靠的现金流，如债券</blockquote></p><p> • Generate earnings through exposure to economic growth, like equities</p><p><blockquote>- 通过接触经济增长（如股票）来创造收入</blockquote></p><p> • Provide consistent and reliable diversification benefits to a portfolio</p><p><blockquote>• 为投资组合提供一致可靠的多元化收益</blockquote></p><p> • Dampen volatility</p><p><blockquote>• 抑制波动性</blockquote></p><p> • Provide consistent and reliable evidence of hedging inflation or deflation as a store of value</p><p><blockquote>• 提供一致可靠的证据，证明对冲通货膨胀或通货紧缩是一种价值储存手段</blockquote></p><p> Bitcoin fell short in each criteria. And the team pointed out that data on cryptocurrency has been limited and sometimes of “poor” quality.</p><p><blockquote>比特币在每个标准上都不及格。研究小组指出，有关加密货币的数据一直很有限，有时质量 “很差 ”。</blockquote></p><p> The note comes as Goldman is expanding its crypto offerings to institutional clients. Earlier this year, Goldman’s investment bank launched a cryptocurrency trading desk that focused on Bitcoin. In the coming months, the bank will offer ether options and futures to its clients, Bloomberg reported.</p><p><blockquote>这一消息发布之际，高盛正在向机构客户扩大其加密产品。今年早些时候，高盛的投资银行推出了一个专注于比特币的加密货币交易台。据彭博社报道，未来几个月，该银行将向客户提供以太期权和期货。</blockquote></p><p> For typical investors who lack the assets or access to portfolio strategies that would allow them to stomach volatility, cryptos don’t make much sense. Nor are they likely to add value to as a strategic asset class for consumer and private-wealth clients, the ISG team wrote.</p><p><blockquote>对于缺乏资产或投资组合策略来承受波动的典型投资者来说，加密货币意义不大。ISG 团队写道，它们也不太可能作为消费者和私人财富客户的战略资产类别增加价值。</blockquote></p><p> By the team’s measure, based on Bitcoin’s “risk, return and uncertainty characteristics,” a 1% allocation to the crypto in a moderate-risk portfolio would have to generate an annual return of 165% to make sense in a portfolio. A 2% allocation would require 365% annual return. But over the last seven years Bitcoin has delivered an annualized return of 69%.</p><p><blockquote>根据该团队根据比特币的 “风险、回报和不确定性特征 ”进行的测量，在中等风险投资组合中，将 1% 配置给加密货币，年回报率必须达到 165%，投资组合才有意义。2% 的配置需要 365% 的年回报率。但在过去的七年里，比特币的年化回报率为 69%。</blockquote></p><p> Just a few months ago, Bitcoin traded as high as $60,000.The recent drops occurred even as the number of Bitcoins has increased, meaning the total market capitalization lost has been much greater.</p><p><blockquote>就在几个月前，比特币的交易价格还高达 6 万美元。尽管比特币的数量有所增加，但最近的下跌还是发生了，这意味着总市值损失要大得多。</blockquote></p><p> “Someone bought Bitcoin at peak prices in April 2021 and someone sold at the lower prices later in May, so some real value was actually lost,” the team wrote.</p><p><blockquote>“研究小组写道：”有人在 2021 年 4 月以最高价买入比特币，有人在 5 月下旬以较低价格卖出，因此实际上损失了一些真正的价值。</blockquote></p><p> Also of concern to the team is the security of cryptocurrencies. There have been instances where investors’ private keys have been stolen, so they can’t access their coins. Hacking and cyberattacks occur in the so-called “traditional financial system,” too, but investors have more recourse. In the case of cryptocurrencies, once a key is stolen, the investor generallydoesn’t have a central authority to appeal to to recoup their assets—in other words, “not your keys, not your coins.”</p><p><blockquote>该团队还关注加密货币的安全性。曾发生过投资者私钥被盗的情况，因此他们无法访问自己的硬币。黑客攻击和网络攻击也发生在所谓的 “传统金融系统 ”中，但投资者有更多的追索权。就加密货币而言，一旦密钥被盗，投资者通常没有中央机构可以上诉以追回其资产--换句话说，“不是你的密钥，不是你的硬币”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/bitcoin-is-a-fail-for-retail-investors-goldman-sachs-team-warns-51623781467?mod=hp_LEADSUPP_1\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.barrons.com/articles/bitcoin-is-a-fail-for-retail-investors-goldman-sachs-team-warns-51623781467?mod=hp_LEADSUPP_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169657028","content_text":"As Bitcoin soared to new highs over the past year, many wondered if they should invest in it. Now, a team at Goldman Sachs is telling retail investors that the digital currency isn’t worthy of most portfolios—at least not yet.\nIn a new report to private-wealth management clients, Goldman’s Investment Strategy Group (ISG) noted that Bitcoin and other cryptocurrencies fail to meet the criteria it believes determine whether an asset class is “investable.”\n“While the digital asset ecosystem may well revolutionize the future of everything,” the team wrote, “that does not imply that cryptocurrencies are an investable asset class.”\nGoldman’s ISG team applies five criteria to determine whether an asset, including Bitcoin, is a sound investment—and requires at least three to be met:\n• Generate steady, reliable cash flow on a contractual basis, like bonds\n• Generate earnings through exposure to economic growth, like equities\n• Provide consistent and reliable diversification benefits to a portfolio\n• Dampen volatility\n• Provide consistent and reliable evidence of hedging inflation or deflation as a store of value\nBitcoin fell short in each criteria. And the team pointed out that data on cryptocurrency has been limited and sometimes of “poor” quality.\nThe note comes as Goldman is expanding its crypto offerings to institutional clients. Earlier this year, Goldman’s investment bank launched a cryptocurrency trading desk that focused on Bitcoin. In the coming months, the bank will offer ether options and futures to its clients, Bloomberg reported.\nFor typical investors who lack the assets or access to portfolio strategies that would allow them to stomach volatility, cryptos don’t make much sense. Nor are they likely to add value to as a strategic asset class for consumer and private-wealth clients, the ISG team wrote.\nBy the team’s measure, based on Bitcoin’s “risk, return and uncertainty characteristics,” a 1% allocation to the crypto in a moderate-risk portfolio would have to generate an annual return of 165% to make sense in a portfolio. A 2% allocation would require 365% annual return. But over the last seven years Bitcoin has delivered an annualized return of 69%.\nJust a few months ago, Bitcoin traded as high as $60,000.The recent drops occurred even as the number of Bitcoins has increased, meaning the total market capitalization lost has been much greater.\n“Someone bought Bitcoin at peak prices in April 2021 and someone sold at the lower prices later in May, so some real value was actually lost,” the team wrote.\nAlso of concern to the team is the security of cryptocurrencies. There have been instances where investors’ private keys have been stolen, so they can’t access their coins. Hacking and cyberattacks occur in the so-called “traditional financial system,” too, but investors have more recourse. In the case of cryptocurrencies, once a key is stolen, the investor generallydoesn’t have a central authority to appeal to to recoup their assets—in other words, “not your keys, not your coins.”","news_type":1,"symbols_score_info":{"XBTmain":0.9,"MBTmain":0.9,"BTCmain":0.9,"GBTC":0.9}},"isVote":1,"tweetType":1,"viewCount":541,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":36,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/160453417"}
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