新加坡 | 比特币现在是明智的投资吗?

比特币与任何其他货币或资产一样,具有价值,因为人们相信它。

比特币的实际用途之一是作为一种支付手段。

商家可以像任何其他货币一样接受比特币作为商品和服务的付款方式。比特币交易比传统支付方式更快、更便宜,尤其是跨境交易。比特币还可以用于点对点交易,无需中介,这对于向其他国家/地区的人们汇款或进行匿名交易非常有用。

比特币的另一个实际用途是作为价值储存手段。

与黄金一样,比特币也是稀有的,而且供应量有限。这意味着,从理论上讲,它应该随着时间的推移保持其价值,并起到对冲通胀的作用。比特币的去中心化以及不受任何政府或金融机构的控制也使其成为对担心传统货币或银行系统稳定性的人们有吸引力的价值储存手段。

然而,值得注意的是,比特币的价值可能会高度波动,其价格可能会根据市场情绪、立法变化和技术进步等各种因素而迅速波动。与任何投资或金融资产一样,在投资比特币之前进行研究并评估您的风险承受能力非常重要。


目前有哪些加密货币 ETF?

在我描述不同类型的加密货币ETF之前,让我们先来看一下加密货币ETF行业的发展历程。

ARK Next Generation Internet ETF(ARKW)是追溯到2014年9月成立的,它持有Grayscale Bitcoin Trust(GBTC)和Coinbase Global(COIN)作为其最大的持仓。当时,该ETF被称为ARK Web x.0,其头寸包括LinkedIn(后来被Microsoft(MSFT)收购)、Netflix(NFLX)和Amazon(AMZN)。

真正的区块链ETF直到2018年才出现。Amplify Transformational Data Sharing ETF(BLOK)和Siren Nasdaq NexGen Economy ETF(BLCN)是于2018年1月17日首次推出的第一批区块链ETF(尽管BLOK实际上是第一个提交注册申请的)。在接下来的几年里,虽然还有一些其他的ETF推出,但情况相对平静,直到2021年,由于比特币价格上涨和投资者兴趣增加,更多独特的产品开始出现(见下图)。

VanEck Digital Transformation ETF(DAPP)在2021年4月推出,但直到2021年5月,Bitwise Crypto Industry Innovators ETF(BITQ)作为首个以加密货币命名的ETF才推出。随着比特币再次走向高峰,还出现了其他一些加密货币股权ETF。2021年10月,又有一个重要的里程碑——ProShares Bitcoin Strategy ETF(BITO)推出,这是第一个基于期货的ETF。随后又推出了其他基于比特币期货的ETF,如Valkyrie Bitcoin Strategy ETF(BTF)和VanEck Strategy ETF(XBTF)。ProShares Short Bitcoin Strategy ETF(BITI)是首个也是唯一一个反向期货比特币ETF,于2022年6月推出。

Crypto ETFs

自那时以来,只有少数几个ETF推出——最新的是在2022年9月30日推出的。在2022年第四季度,由于FTX的崩溃和比特币价格跌破20000美元,加密行业陷入了困境。由于价格下跌和一些投资者的犹豫,一些ETF在2023年关闭。Viridi Bitcoin Miners ETF(RIGZ)于2023年1月4日关闭,随后是Volt Crypto Industry Revolution and Tech ETF(BTCR),于1月17日关闭,以及VanEck Digital Assets Mining ETF(DAM),于4月24日关闭。随着RIGZ和DAM的关闭,WGMI是当时美国唯一的比特币挖矿ETF。尽管关闭了许多ETF,但美国仍然有大约25个加密货币ETF,这些ETF具有不同的目的,可以为投资者提供不同的选择。

基于期货的比特币ETF是现货比特币ETF的替代选择。

这些ETF跟踪比特币期货,以复制比特币的价格。它们可以让投资者以更熟悉的结构获得比特币的投资机会,可能更容易通过某些账户进行投资。虽然期货暴露提供了与现货暴露的密切比较,但许多人认为使用期货可能会导致较低的回报和更高的费用,因为期货合约会不断滚动。

Futures-Based Bitcoin ETFs

加密股权ETF——除了长期主题外,与比特币的高度相关性 在Bitwise和VettaFi最近的加密资产基准调查中,被问及他们是否更愿意投资于加密资产还是加密股权ETF。

大多数人更喜欢加密股权ETF(25%)而不是加密资产(17%)。与比特币的价格相比,与加密相关的ETF提供了一种间接(但仍然强烈)的暴露。这些公司包括加密矿工、加密交易所、加密银行、加密买家以及加密生态系统中的其他参与者(有关更多详细信息,请参见本说明)。尽管这些ETF与比特币具有很高的相关性,但这些ETF的目的并不是跟踪比特币的价格。

相反,这些ETF旨在为数字资产和区块链公司提供行业和/或主题暴露,这些公司支持着数字转型和创新等长期大趋势。这些公司大多是高增长的小市值科技股票,因此这些ETF可以作为更广泛的技术配置的一部分。这些ETF的名称中没有使用“比特币”,而是使用了类似于“区块链”、“数字资产”、“加密经济”和“加密创新者”的短语,以传达更广泛的投资目的,而不仅仅是跟踪比特币的价格。你也可以将其类比为投资于能源公司而不是作为商品投资于石油。


Crypto Equity ETFs


#新加坡投资  #海外配置 #比特币投资 

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