Tonight at 19:30, this week, the second phase of the “Blockchain Finance Department Week” of the Babbitt Industry Class was officially concluded. Blockchain Fundamentals. In view of the reasons for the divergence of Bitcoin's "digital gold" attributes at the beginning of 2020, Song Shuangjie pointed out: First of all, the size of the crypto asset market is relatively small and has limited impact on traditional finance. At present, the total market value of the entire crypto market is less than 250 billion US dollars, and the market value of BTC is only more than 160 billion US dollars. The size of the crypto market is too small to bear the hedging needs of traditional financial massive funds. Therefore, BTC is still only a hedging asset recognized by the crypto market. Although it has received the attention and blessing of some institutions, the proportion is very small. At the same time, crypto assets have not yet been included in the asset allocation pools of major global institutional investors, so their linkage with traditional capital markets is relatively small. Secondly, BTC's risk aversion is still to be tested. On the one hand, BTC did show a certain hedging value: BTC and gold both rose sharply in June 2019 due to trade wars and other reasons; in the US-Iraq crisis in early 2020, BTC and gold rose again. On the other hand, BTC's response to international events is uncertain. It does not always work as a hedge, and its quality is worse than gold.
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