xxbrian
2021-03-18
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Bitcoin Is Not a Stock<blockquote>比特币不是股票</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":327938616,"tweetId":"327938616","gmtCreate":1616047516435,"gmtModify":1703496851782,"author":{"id":3574644652686832,"idStr":"3574644652686832","authorId":3574644652686832,"authorIdStr":"3574644652686832","name":"xxbrian","avatar":"https://static.tigerbbs.com/5d4b2fb466b0c8f60cad4aba9035028d","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Like n comment thank u!!</p></body></html>","htmlText":"<html><head></head><body><p>Like n comment thank u!!</p></body></html>","text":"Like n comment thank u!!","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/327938616","repostId":1159334095,"repostType":4,"repost":{"id":"1159334095","kind":"news","pubTimestamp":1616045990,"share":"https://www.laohu8.com/m/news/1159334095?lang=zh_CN&edition=full","pubTime":"2021-03-18 13:39","market":"us","language":"en","title":"Bitcoin Is Not a Stock<blockquote>比特币不是股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159334095","media":"coindesk","summary":"Seems obvious, right? Well, there’s a common misconception among new crypto market participants that","content":"<p>Seems obvious, right? Well, there’s a common misconception among new crypto market participants that bitcoin is a company stock. While its price activity can correlate with traditional markets on occasion, it is, in fact, an entirely separate asset class.</p><p><blockquote>似乎很明显，对吧？嗯，新的加密货币市场参与者有一个普遍的误解，认为比特币是一只公司股票。虽然它的价格活动有时会与传统市场相关，但事实上，它是一个完全独立的资产类别。</blockquote></p><p> Bitcoin is a cryptocurrency– a type of digital asset secured by cryptography that can be used to make electronic payments over the internet or act as a store of value like gold or silver.</p><p><blockquote>比特币是一种加密货币——一种由加密技术保护的数字资产，可用于通过互联网进行电子支付，或作为黄金或白银等价值储存手段。</blockquote></p><p> Think of cryptocurrencies as the emails of the currency world. They do not exist in physical form, they can be sent in minutes and they do not require multiple intermediaries to handle the payment.</p><p><blockquote>把加密货币想象成货币世界的电子邮件。它们不以物理形式存在，可以在几分钟内发送，并且不需要多个中介来处理支付。</blockquote></p><p> Unlike fiat currencies like the U.S dollar or euro that store all card and wire transactions on a central ledger maintained by a single authority, bitcoin and other cryptocurrencies use a technology called “blockchain.” This is a globally distributed ledger that can be maintained and copied by anyone on the planet and ensures total immutability and transparency.</p><p><blockquote>与美元或欧元等法定货币不同，法定货币将所有卡和电汇交易存储在由单一机构维护的中央分类账上，比特币和其他加密货币使用一种称为“区块链”的技术。这是一个全球分布式账本，地球上的任何人都可以维护和复制，并确保完全的不变性和透明度。</blockquote></p><p> <b>Key differences between bitcoin and stocksStocks</b></p><p><blockquote><b>比特币和股票之间的主要区别股票</b></blockquote></p><p> <ul> <li>Traded on traditional stock exchanges such as Nasdaq, London Stock Exchange, Deutsche Börse, etc.</li> <li>Can only be traded Monday to Friday. Market opening and closing times vary between stock exchanges</li> <li>Regulated financial products</li> <li>Purchasers receive share certificates to show legal proof of ownership</li> <li>Companies can produce new shares after publicly launching, though there is a finite limit</li> <li>Brokerages maintain their own record of stock trades that they execute on behalf of clients. In the United States, this information is not publicly available unless an investor purchases over 5% of a listed company</li> </ul> Bitcoin</p><p><blockquote><ul><li>在纳斯达克、伦交所、德交所等传统证券交易所交易。</li><li>只能在周一至周五交易。不同证券交易所的开市和收市时间不同</li><li>受监管金融产品</li><li>购买者收到股票以显示所有权的合法证明</li><li>公司可以在公开发行后发行新股，但有一个有限的限制</li><li>经纪公司保留自己代表客户执行的股票交易记录。在美国，除非投资者购买了一家上市公司5%以上的股份，否则这些信息是不会公开的</li></ul>比特币</blockquote></p><p> <ul> <li>Traded on centralized and decentralized crypto exchanges</li> <li>Crypto markets do not close so bitcoin can be traded at any time on any day</li> <li>Bitcoin is not a regulated investment vehicle; however, most international jurisdictions recognize it as property</li> <li>Purchasers can hold their own bitcoin or delegate safe storage to third-party custodians</li> <li>There will only ever be 21 million bitcoins. No new coins can be created</li> <li>The Bitcoin blockchain publicly records all transactions and can be viewed or downloaded by anyone at any time</li> </ul> Company stocks that are tied to bitcoin</p><p><blockquote><ul><li>在集中式和分散式加密货币交易所进行交易</li><li>加密货币市场不会关闭，因此比特币可以在任何一天的任何时间进行交易</li><li>比特币不是受监管的投资工具；然而，大多数国际司法管辖区承认其为财产</li><li>购买者可以持有自己的比特币或将安全存储委托给第三方保管人</li><li>永远只有2100万个比特币。不能创建新硬币</li><li>比特币区块链公开记录所有交易，任何人都可以随时查看或下载</li></ul>与比特币相关的公司股票</blockquote></p><p> Despite the differences between these two investment options, there are a number of publicly traded companies whose stocks are tied to the performance of bitcoin. This is because the companies are either directly engaged in bitcoin-related activities such as mining,hold a substantial amount of bitcoin in reserves or their target market is crypto users.</p><p><blockquote>尽管这两种投资选择存在差异，但仍有许多上市公司的股票与比特币的表现挂钩。这是因为这些公司要么直接从事采矿等比特币相关活动，持有大量比特币储备，要么其目标市场是加密货币用户。</blockquote></p><p> These companies include:</p><p><blockquote>这些公司包括：</blockquote></p><p> <ul> <li>Silvergate Capital</li> <li>MicroStrategy</li> <li>Square</li> <li>Riot Blockchain</li> <li>Nvidia</li> <li>Argo Blockchain</li> <li>MGT Capital Investments</li> <li>BitFarms</li> <li>Diginex</li> <li>Hut 8 Mining</li> <li>Voyager Digital</li> <li>Canaan Creative</li> </ul> This generally means that when bitcoin’s price is performing well these stocks also tend to perform well, and vice versa. Recently, JPMorgan launched a new financial product called the “Cryptocurrency Exposure Basket” – a debt instrument linked to leading crypto focused companies that allows investors to gain indirect exposure to bitcoin and the altcoin market.</p><p><blockquote><ul><li>银门资本</li><li>微观策略</li><li>平方</li><li>防暴区块链</li><li>英伟达</li><li>Argo区块链</li><li>MGT资本投资</li><li>比特农场</li><li>Diginex</li><li>8号小屋采矿</li><li>航海家</li><li>迦南创意</li></ul>这通常意味着，当比特币的价格表现良好时，这些股票也往往表现良好，反之亦然。最近，摩根大通推出了一种名为“加密货币敞口篮子”的新金融产品，这是一种与领先的加密货币公司挂钩的债务工具，允许投资者间接投资比特币和山寨币市场。</blockquote></p><p> <b>Stocks that trade closest to BTC</b></p><p><blockquote><b>交易最接近BTC的股票</b></blockquote></p><p> According to data from Morningstar, 2020 was a record year for the world’s largest cryptocurrency in terms of its correlated performance to traditional equities.</p><p><blockquote>根据晨星公司的数据，就其与传统股票的相关表现而言，2020年是全球最大加密货币创纪录的一年。</blockquote></p><p> Correlation is the measure of the relationship between two or more items. In this case, it’s used to measure the relationship between the price movements of two markets. There are several methods to calculate correlation, though the Pearson Product-Moment Correlation Coefficient (PPMCC) is the preferred method for measuring similarities between different financial assets. The PPMCC is measured between 1.0 and -1.0. The closer the value is to -1.0, the less correlated the two assets are; the closer the value is to 1.0, the more correlated are the two assets.</p><p><blockquote>相关性是两个或多个项目之间关系的度量。在这种情况下，它用于衡量两个市场价格变动之间的关系。有几种方法可以计算相关性，尽管皮尔逊积矩相关系数（PPMCC）是衡量不同金融资产之间相似性的首选方法。在1.0和-1.0之间测量PPMCC。该值越接近-1.0，两种资产的相关性越小；该值越接近1.0，两种资产的相关性就越大。</blockquote></p><p> For anyone interested to know how PPMCC is calculated, here’s the equation: ρxy = Cov(x,y) / σxσy</p><p><blockquote>对于任何有兴趣了解PPMCC如何计算的人，下面是等式：ρ xy=Cov(x，y)/σ x σ y</blockquote></p><p> Where ρxy = Pearson product-moment correlation coefficient</p><p><blockquote>式中ρ xy=Pearson积矩相关系数</blockquote></p><p> Cov(x,y) = covariance of variables x and y</p><p><blockquote>Cov（x，y）=变量x和y的协方差</blockquote></p><p> σx = standard deviation of x</p><p><blockquote>σ x=x的标准差</blockquote></p><p> σy = standard deviation of y</p><p><blockquote>σ y=y的标准差</blockquote></p><p> The chart below illustrates a clear rise in correlation between bitcoin and a range of traditional financial markets, including the S&P 500, gold, oil and U.S. bonds.</p><p><blockquote>下图说明了比特币与一系列传统金融市场（包括标普500、黄金、石油和美国债券）之间的相关性明显上升。</blockquote></p><p></p><p> The highest correlation between bitcoin and the stock market is theS&P 500– an index of the largest 500 companies in the United States – with a value of 0.22. This is most likely due to a rise in institutional investmentent ering the crypto market and large players adding bitcoin to diversify their portfolios. When either market rises or falls it presumably creates a knock-on effect that spreads to other markets.</p><p><blockquote>比特币与股市相关性最高的是标准普尔500指数（美国500家最大公司的指数），值为0.22。这很可能是由于加密货币市场机构投资的增加以及大型参与者增加比特币以实现投资组合多元化。当市场上涨或下跌时，可能会产生连锁反应，蔓延到其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9de454a64c981203825b80d19bcbc41e\" tg-width=\"1200\" tg-height=\"335\"><span>Chart by Morningstar showing bitcoin correlation to stocks and commodities. Source: Morningstar/Nasdaq/VanEck</span></p><p><blockquote><p class=\"t-img-caption\"><span>晨星公司的图表显示了比特币与股票和大宗商品的相关性。资料来源：晨星/纳斯达克/VanEck</span></p></blockquote></p><p> The highest correlation overall is between bitcoin and gold, two popular “safe haven” assets that have historically risen in tandem during times of economic uncertainty. Bitcoin has often been touted as “digital gold” due to its scarce, limited supply. However, its high volatility and wild price swings make it far more risky and unpredictable. That being said, bitcoin has generated substantially higher returns year on year compared to gold.</p><p><blockquote>总体而言，比特币和黄金之间的相关性最高，这两种受欢迎的“避险”资产历来在经济不确定时期同步上涨。由于供应稀缺、有限，比特币经常被吹捧为“数字黄金”。然而，其高波动性和剧烈的价格波动使其风险更大且不可预测。话虽如此，与黄金相比，比特币的回报率同比高得多。</blockquote></p><p></p>","source":"lsy1572937250936","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 Not a Stock<blockquote>比特币不是股票</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 Not a Stock<blockquote>比特币不是股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">coindesk</strong><span class=\"h-time small\">2021-03-18 13:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Seems obvious, right? Well, there’s a common misconception among new crypto market participants that bitcoin is a company stock. While its price activity can correlate with traditional markets on occasion, it is, in fact, an entirely separate asset class.</p><p><blockquote>似乎很明显，对吧？嗯，新的加密货币市场参与者有一个普遍的误解，认为比特币是一只公司股票。虽然它的价格活动有时会与传统市场相关，但事实上，它是一个完全独立的资产类别。</blockquote></p><p> Bitcoin is a cryptocurrency– a type of digital asset secured by cryptography that can be used to make electronic payments over the internet or act as a store of value like gold or silver.</p><p><blockquote>比特币是一种加密货币——一种由加密技术保护的数字资产，可用于通过互联网进行电子支付，或作为黄金或白银等价值储存手段。</blockquote></p><p> Think of cryptocurrencies as the emails of the currency world. They do not exist in physical form, they can be sent in minutes and they do not require multiple intermediaries to handle the payment.</p><p><blockquote>把加密货币想象成货币世界的电子邮件。它们不以物理形式存在，可以在几分钟内发送，并且不需要多个中介来处理支付。</blockquote></p><p> Unlike fiat currencies like the U.S dollar or euro that store all card and wire transactions on a central ledger maintained by a single authority, bitcoin and other cryptocurrencies use a technology called “blockchain.” This is a globally distributed ledger that can be maintained and copied by anyone on the planet and ensures total immutability and transparency.</p><p><blockquote>与美元或欧元等法定货币不同，法定货币将所有卡和电汇交易存储在由单一机构维护的中央分类账上，比特币和其他加密货币使用一种称为“区块链”的技术。这是一个全球分布式账本，地球上的任何人都可以维护和复制，并确保完全的不变性和透明度。</blockquote></p><p> <b>Key differences between bitcoin and stocksStocks</b></p><p><blockquote><b>比特币和股票之间的主要区别股票</b></blockquote></p><p> <ul> <li>Traded on traditional stock exchanges such as Nasdaq, London Stock Exchange, Deutsche Börse, etc.</li> <li>Can only be traded Monday to Friday. Market opening and closing times vary between stock exchanges</li> <li>Regulated financial products</li> <li>Purchasers receive share certificates to show legal proof of ownership</li> <li>Companies can produce new shares after publicly launching, though there is a finite limit</li> <li>Brokerages maintain their own record of stock trades that they execute on behalf of clients. In the United States, this information is not publicly available unless an investor purchases over 5% of a listed company</li> </ul> Bitcoin</p><p><blockquote><ul><li>在纳斯达克、伦交所、德交所等传统证券交易所交易。</li><li>只能在周一至周五交易。不同证券交易所的开市和收市时间不同</li><li>受监管金融产品</li><li>购买者收到股票以显示所有权的合法证明</li><li>公司可以在公开发行后发行新股，但有一个有限的限制</li><li>经纪公司保留自己代表客户执行的股票交易记录。在美国，除非投资者购买了一家上市公司5%以上的股份，否则这些信息是不会公开的</li></ul>比特币</blockquote></p><p> <ul> <li>Traded on centralized and decentralized crypto exchanges</li> <li>Crypto markets do not close so bitcoin can be traded at any time on any day</li> <li>Bitcoin is not a regulated investment vehicle; however, most international jurisdictions recognize it as property</li> <li>Purchasers can hold their own bitcoin or delegate safe storage to third-party custodians</li> <li>There will only ever be 21 million bitcoins. No new coins can be created</li> <li>The Bitcoin blockchain publicly records all transactions and can be viewed or downloaded by anyone at any time</li> </ul> Company stocks that are tied to bitcoin</p><p><blockquote><ul><li>在集中式和分散式加密货币交易所进行交易</li><li>加密货币市场不会关闭，因此比特币可以在任何一天的任何时间进行交易</li><li>比特币不是受监管的投资工具；然而，大多数国际司法管辖区承认其为财产</li><li>购买者可以持有自己的比特币或将安全存储委托给第三方保管人</li><li>永远只有2100万个比特币。不能创建新硬币</li><li>比特币区块链公开记录所有交易，任何人都可以随时查看或下载</li></ul>与比特币相关的公司股票</blockquote></p><p> Despite the differences between these two investment options, there are a number of publicly traded companies whose stocks are tied to the performance of bitcoin. This is because the companies are either directly engaged in bitcoin-related activities such as mining,hold a substantial amount of bitcoin in reserves or their target market is crypto users.</p><p><blockquote>尽管这两种投资选择存在差异，但仍有许多上市公司的股票与比特币的表现挂钩。这是因为这些公司要么直接从事采矿等比特币相关活动，持有大量比特币储备，要么其目标市场是加密货币用户。</blockquote></p><p> These companies include:</p><p><blockquote>这些公司包括：</blockquote></p><p> <ul> <li>Silvergate Capital</li> <li>MicroStrategy</li> <li>Square</li> <li>Riot Blockchain</li> <li>Nvidia</li> <li>Argo Blockchain</li> <li>MGT Capital Investments</li> <li>BitFarms</li> <li>Diginex</li> <li>Hut 8 Mining</li> <li>Voyager Digital</li> <li>Canaan Creative</li> </ul> This generally means that when bitcoin’s price is performing well these stocks also tend to perform well, and vice versa. Recently, JPMorgan launched a new financial product called the “Cryptocurrency Exposure Basket” – a debt instrument linked to leading crypto focused companies that allows investors to gain indirect exposure to bitcoin and the altcoin market.</p><p><blockquote><ul><li>银门资本</li><li>微观策略</li><li>平方</li><li>防暴区块链</li><li>英伟达</li><li>Argo区块链</li><li>MGT资本投资</li><li>比特农场</li><li>Diginex</li><li>8号小屋采矿</li><li>航海家</li><li>迦南创意</li></ul>这通常意味着，当比特币的价格表现良好时，这些股票也往往表现良好，反之亦然。最近，摩根大通推出了一种名为“加密货币敞口篮子”的新金融产品，这是一种与领先的加密货币公司挂钩的债务工具，允许投资者间接投资比特币和山寨币市场。</blockquote></p><p> <b>Stocks that trade closest to BTC</b></p><p><blockquote><b>交易最接近BTC的股票</b></blockquote></p><p> According to data from Morningstar, 2020 was a record year for the world’s largest cryptocurrency in terms of its correlated performance to traditional equities.</p><p><blockquote>根据晨星公司的数据，就其与传统股票的相关表现而言，2020年是全球最大加密货币创纪录的一年。</blockquote></p><p> Correlation is the measure of the relationship between two or more items. In this case, it’s used to measure the relationship between the price movements of two markets. There are several methods to calculate correlation, though the Pearson Product-Moment Correlation Coefficient (PPMCC) is the preferred method for measuring similarities between different financial assets. The PPMCC is measured between 1.0 and -1.0. The closer the value is to -1.0, the less correlated the two assets are; the closer the value is to 1.0, the more correlated are the two assets.</p><p><blockquote>相关性是两个或多个项目之间关系的度量。在这种情况下，它用于衡量两个市场价格变动之间的关系。有几种方法可以计算相关性，尽管皮尔逊积矩相关系数（PPMCC）是衡量不同金融资产之间相似性的首选方法。在1.0和-1.0之间测量PPMCC。该值越接近-1.0，两种资产的相关性越小；该值越接近1.0，两种资产的相关性就越大。</blockquote></p><p> For anyone interested to know how PPMCC is calculated, here’s the equation: ρxy = Cov(x,y) / σxσy</p><p><blockquote>对于任何有兴趣了解PPMCC如何计算的人，下面是等式：ρ xy=Cov(x，y)/σ x σ y</blockquote></p><p> Where ρxy = Pearson product-moment correlation coefficient</p><p><blockquote>式中ρ xy=Pearson积矩相关系数</blockquote></p><p> Cov(x,y) = covariance of variables x and y</p><p><blockquote>Cov（x，y）=变量x和y的协方差</blockquote></p><p> σx = standard deviation of x</p><p><blockquote>σ x=x的标准差</blockquote></p><p> σy = standard deviation of y</p><p><blockquote>σ y=y的标准差</blockquote></p><p> The chart below illustrates a clear rise in correlation between bitcoin and a range of traditional financial markets, including the S&P 500, gold, oil and U.S. bonds.</p><p><blockquote>下图说明了比特币与一系列传统金融市场（包括标普500、黄金、石油和美国债券）之间的相关性明显上升。</blockquote></p><p></p><p> The highest correlation between bitcoin and the stock market is theS&P 500– an index of the largest 500 companies in the United States – with a value of 0.22. This is most likely due to a rise in institutional investmentent ering the crypto market and large players adding bitcoin to diversify their portfolios. When either market rises or falls it presumably creates a knock-on effect that spreads to other markets.</p><p><blockquote>比特币与股市相关性最高的是标准普尔500指数（美国500家最大公司的指数），值为0.22。这很可能是由于加密货币市场机构投资的增加以及大型参与者增加比特币以实现投资组合多元化。当市场上涨或下跌时，可能会产生连锁反应，蔓延到其他市场。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9de454a64c981203825b80d19bcbc41e\" tg-width=\"1200\" tg-height=\"335\"><span>Chart by Morningstar showing bitcoin correlation to stocks and commodities. Source: Morningstar/Nasdaq/VanEck</span></p><p><blockquote><p class=\"t-img-caption\"><span>晨星公司的图表显示了比特币与股票和大宗商品的相关性。资料来源：晨星/纳斯达克/VanEck</span></p></blockquote></p><p> The highest correlation overall is between bitcoin and gold, two popular “safe haven” assets that have historically risen in tandem during times of economic uncertainty. Bitcoin has often been touted as “digital gold” due to its scarce, limited supply. However, its high volatility and wild price swings make it far more risky and unpredictable. That being said, bitcoin has generated substantially higher returns year on year compared to gold.</p><p><blockquote>总体而言，比特币和黄金之间的相关性最高，这两种受欢迎的“避险”资产历来在经济不确定时期同步上涨。由于供应稀缺、有限，比特币经常被吹捧为“数字黄金”。然而，其高波动性和剧烈的价格波动使其风险更大且不可预测。话虽如此，与黄金相比，比特币的回报率同比高得多。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.coindesk.com/bitcoin-is-not-a-stock\">coindesk</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":{"MGTI":"MGT Capital Investments, Inc.","VYGVF":"Voyager Digital Ltd.","CAN":"嘉楠科技","BFARF":"Bitfarms Ltd.","RIOT":"Riot Platforms","NVDA":"英伟达","SI":"Shoulder Innovations, Inc.","ARBKF":"Argo Blockchain Plc","MSTR":"Strategy","GBTC":"比特币ETF-Grayscale","EQOS":"EQONEX"},"source_url":"https://www.coindesk.com/bitcoin-is-not-a-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159334095","content_text":"Seems obvious, right? Well, there’s a common misconception among new crypto market participants that bitcoin is a company stock. While its price activity can correlate with traditional markets on occasion, it is, in fact, an entirely separate asset class.\nBitcoin is a cryptocurrency– a type of digital asset secured by cryptography that can be used to make electronic payments over the internet or act as a store of value like gold or silver.\nThink of cryptocurrencies as the emails of the currency world. They do not exist in physical form, they can be sent in minutes and they do not require multiple intermediaries to handle the payment.\nUnlike fiat currencies like the U.S dollar or euro that store all card and wire transactions on a central ledger maintained by a single authority, bitcoin and other cryptocurrencies use a technology called “blockchain.” This is a globally distributed ledger that can be maintained and copied by anyone on the planet and ensures total immutability and transparency.\nKey differences between bitcoin and stocksStocks\n\nTraded on traditional stock exchanges such as Nasdaq, London Stock Exchange, Deutsche Börse, etc.\nCan only be traded Monday to Friday. Market opening and closing times vary between stock exchanges\nRegulated financial products\nPurchasers receive share certificates to show legal proof of ownership\nCompanies can produce new shares after publicly launching, though there is a finite limit\nBrokerages maintain their own record of stock trades that they execute on behalf of clients. In the United States, this information is not publicly available unless an investor purchases over 5% of a listed company\n\nBitcoin\n\nTraded on centralized and decentralized crypto exchanges\nCrypto markets do not close so bitcoin can be traded at any time on any day\nBitcoin is not a regulated investment vehicle; however, most international jurisdictions recognize it as property\nPurchasers can hold their own bitcoin or delegate safe storage to third-party custodians\nThere will only ever be 21 million bitcoins. No new coins can be created\nThe Bitcoin blockchain publicly records all transactions and can be viewed or downloaded by anyone at any time\n\nCompany stocks that are tied to bitcoin\nDespite the differences between these two investment options, there are a number of publicly traded companies whose stocks are tied to the performance of bitcoin. This is because the companies are either directly engaged in bitcoin-related activities such as mining,hold a substantial amount of bitcoin in reserves or their target market is crypto users.\nThese companies include:\n\nSilvergate Capital\nMicroStrategy\nSquare\nRiot Blockchain\nNvidia\nArgo Blockchain\nMGT Capital Investments\nBitFarms\nDiginex\nHut 8 Mining\nVoyager Digital\nCanaan Creative\n\nThis generally means that when bitcoin’s price is performing well these stocks also tend to perform well, and vice versa. Recently, JPMorgan launched a new financial product called the “Cryptocurrency Exposure Basket” – a debt instrument linked to leading crypto focused companies that allows investors to gain indirect exposure to bitcoin and the altcoin market.\nStocks that trade closest to BTC\nAccording to data from Morningstar, 2020 was a record year for the world’s largest cryptocurrency in terms of its correlated performance to traditional equities.\nCorrelation is the measure of the relationship between two or more items. In this case, it’s used to measure the relationship between the price movements of two markets. There are several methods to calculate correlation, though the Pearson Product-Moment Correlation Coefficient (PPMCC) is the preferred method for measuring similarities between different financial assets. The PPMCC is measured between 1.0 and -1.0. The closer the value is to -1.0, the less correlated the two assets are; the closer the value is to 1.0, the more correlated are the two assets.\nFor anyone interested to know how PPMCC is calculated, here’s the equation: ρxy = Cov(x,y) / σxσy\nWhere ρxy = Pearson product-moment correlation coefficient\nCov(x,y) = covariance of variables x and y\nσx = standard deviation of x\nσy = standard deviation of y\nThe chart below illustrates a clear rise in correlation between bitcoin and a range of traditional financial markets, including the S&P 500, gold, oil and U.S. bonds.\nThe highest correlation between bitcoin and the stock market is theS&P 500– an index of the largest 500 companies in the United States – with a value of 0.22. This is most likely due to a rise in institutional investmentent ering the crypto market and large players adding bitcoin to diversify their portfolios. When either market rises or falls it presumably creates a knock-on effect that spreads to other markets.\nChart by Morningstar showing bitcoin correlation to stocks and commodities. Source: Morningstar/Nasdaq/VanEck\nThe highest correlation overall is between bitcoin and gold, two popular “safe haven” assets that have historically risen in tandem during times of economic uncertainty. Bitcoin has often been touted as “digital gold” due to its scarce, limited supply. However, its high volatility and wild price swings make it far more risky and unpredictable. That being said, bitcoin has generated substantially higher returns year on year compared to gold.","news_type":1,"symbols_score_info":{"MGTI":0.9,"SQ":0.9,"SI":0.9,"XBTmain":0.9,"VYGVF":0.9,"BTCmain":0.9,"CAN":0.9,"EQOS":0.9,"MSTR":0.9,"RIOT":0.9,"HUTMF":0.9,"ARBKF":0.9,"BFARF":0.9,"GBTC":0.9,"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":186,"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":20,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/327938616"}
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