将加密货币作为稀缺资源进行资产配置研究

Analysis of Asset Allocation Using Cryptocurrency as A Scarce Resource

本文将以比特币为首的加密货币视为与原油、黄金、小金属平行的稀缺资源,并与以股票市场为代表的资本市场相对比,探究加密货币作为资产配置的可行性。本文首先阐释加密货币的机理,分析其与央行数字货币的区别,探究其不会归零并将持续存在的原因,并将加密货币与资本市场价格走势和收益率进行对比,分析对加密货币进行资产配置的可行性。最后探究加密货币的负面影响和风险控制问题,同时提出解决方案和监管建议,以期在合法范围内对我国投资业产生积极作用。

This paper regards the cryptocurrency headed by Bitcoin as a scarce resource parallel to crude oil,gold and small metals,and explores the feasibility of asset allocation of cryptocurrencies compared with the capital market represented by the stock market.This paper first explains the mechanism of cryptocurrencies,analyzes the difference between them and central bank digital currencies,and explores why they do not zero and persist.The feasibility of asset allocation of cryptocurrencies is analyzed by comparing cryptocurrencies with the price movements and yields of capital markets.Finally,it explores the negative effects and risk control problems of cryptocurrencies,and gives solutions and regulatory recommendations to make them have a positive effect on China's investment industry within the legal scope.