BlackRock released its "Bitcoin: A Unique Diversifier" report, which provides an analysis of Bitcoin's role in the portfolio, with special emphasis on its potential as a unique asset for diversification.。The main points are as follows: 1. Bitcoin is described as a "global, decentralized, non-sovereign asset with a fixed supply," which makes it fundamentally different from traditional financial assets.。Bitcoin's adoption has grown over its 15-year history, but due to its high volatility and relatively short history, discussions about its role in the portfolio continue.。Low-correlation assets: Bitcoin's long-term performance shows low correlation with stocks and bonds, which makes it attractive for diversification。Although in the short term, Bitcoin's price movements occasionally synchronize with traditional risk assets, these are considered temporary phenomena.。3. Volatility and Risk: Bitcoin is considered a risk asset due to its high volatility and vulnerability to regulatory changes, market sentiment and technological developments.。However, these risks are unique to Bitcoin, and its decentralized nature protects it from many macroeconomic forces that affect traditional assets.。4.Long-term value: Bitcoin's value is likely to grow as global monetary instability, fiscal sustainability and geopolitical tensions increase。Its fixed supply and decentralized, borderless nature may drive future demand.。5.Impact on portfolios: Bitcoin has shown the potential to enhance diversification when included in a modest proportion of the portfolio。However, a larger allocation may significantly increase the volatility of the portfolio。The report concludes that Bitcoin's unique characteristics could make it a hedge against risks that traditional assets cannot cope with, particularly amid heightened geopolitical and economic uncertainty.。