#比特币投资配置 Seeing Vanguard's recent remarks, honestly, it's quite interesting. Vanguard executives compared Bitcoin to a "digital version of Labuob," outright stating that it lacks cash flow and compound interest features, which is logically sound. But this precisely highlights a phenomenon: traditional asset management giants are re-evaluating the allocation value of crypto assets.

The key observation is that, although Vanguard publicly remains skeptical, they have already opened ETF trading permissions to 50 million clients. This is not a contradiction but a pragmatic approach—they are speaking through actual product performance. When Bitcoin ETFs demonstrate stable liquidity and operate as expected during high volatility periods, institutional attitudes begin to soften.

From an allocation perspective, my logic is as follows: there's no need to be bound by authoritative opinions, but it's important to understand the risk warnings behind them. Bitcoin indeed lacks the cash flow attributes of traditional investments, which determines its role in a portfolio—not as a core holding, but as a risk hedge or a satellite position for high-risk appetite.

Regarding copy trading and allocation, the same logic applies. If your copy trading partners include aggressive crypto traders, you need to understand that you're pursuing volatility gains rather than stable returns. At this point, position sizing becomes critical—usually, I keep such high-risk positions within 10-15% of total funds, using more conservative strategies to balance. Practice has shown that this way, you can enjoy opportunities without risking a complete blow-up from a single direction.