#比特币资产配置 Seeing the remarks from this Vanguard executive, I have to be honest—this viewpoint actually represents the biggest misunderstanding that traditional finance has about Bitcoin.

He said that Bitcoin lacks cash flow and compound interest features. That’s not wrong in itself, but the problem is using the logic of valuing corporate bonds to evaluate Bitcoin, which is like using a microscope to look at stars. Bitcoin was never meant to replace the cash flow model of bonds or stocks; its design logic is based on scarcity consensus and store of value.

But here’s a detail worth warning about: Vanguard manages $12 trillion but says "allow clients to trade" while "not providing advice." It’s like saying, "We know this thing is risky, but you can play with it yourself." This attitude seems neutral but actually shifts responsibility. When the market fluctuates, retail investors are easily left holding the bag.

The key is, allocating to Bitcoin does require caution, but not because of Vanguard executives’ logic—rather, you should ask yourself three questions: Do you understand its volatility cycle? Is the proportion you allocate within your acceptable loss range? Do you truly believe in Bitcoin’s hedging value in extreme risk scenarios?

Don’t be scared by derogatory terms like "Digital Labuji," and don’t think it’s safe just because institutions open trading. The trap here has always been: using others’ uncertainty to generate your own anxiety. Protecting your principal is the only way to survive long-term.