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BCA Research表示,投资者开始对美国的“避险资产”地位产生怀疑,而这可能对比特币构成利好。
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4 g3 L' e: q. ? 该研究机构在最新给投资者的报告中指出,目前其整体投资组合保持防御性配置——减持股票、增持固定收益资产,并在股票投资中降低对美国6 k5 `! p% R9 j) l! H4 Y
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市场的权重。原因在于,海外投资者正集体“回避”美国资产,担忧美国政策已从“贸易战”转向“资本战”。
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与此同时,BCA也首次将比特币纳入其研究覆盖范围,并将比特币的评级从“减持”上调至“中性”。今年2月,BCA曾出于市场情绪过于乐观的判断而! W' q* n' X- o; w8 P
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“短期看空”比特币。
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* Q" ]4 m8 `2 N# M0 v “在全球资金撤离美国资产的背景下,比特币有望成为受益者。”报告写道,“市场情绪已经从高点大幅回落。今年以来,活跃交易的比特币在整体已& n2 ?0 |' n, K( p% K' k, Y: v
. [$ V0 j. t- ? K$ ^& ?: g实现市值中的占比急剧下降。”* o4 p" w5 F7 j5 c& R7 Q! b
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报告还指出,比特币作为“数字黄金”,正越来越像实物黄金那样表现,在美国资产大规模抛售期间依旧保持坚挺。
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根据Coin Metrics的数据,自4月3日——即特朗普总统宣布初始关税政策的第二天起——比特币已上涨约12%。同期,现货黄金上涨了8%,- q8 C, s8 S! N, D- `
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而纳斯达克综合指数几乎持平。
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BCA在报告中进一步指出:“虽然美国经济增长目前仍表现坚挺,但关税政策的模糊性,已导致企业资本支出意愿大幅下滑。”此外,“激烈的: r; n& H+ d. f' u. D7 O, ^; M# f
% E& t% U& r; X' i3 F6 |' ?) C9 ^% W* w利率波动也再度打击了住宅房地产市场。”
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“尽管特朗普ZF在某些强硬言论上有所收敛,但企业仍迫切需要明确的政策信号,才能恢复投资。”报告写道,“若无法及时提供清晰政策, |5 f6 c }5 ]5 u( a! d
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将可能引发更为严重的经济衰退。”, F( ?1 u2 a$ X/ f
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