#比特币投资配置 The Vanguard executive comparing Bitcoin to "Digital Labuyi" saying it lacks cash flow and compound interest features... I have to say, this perspective is both interesting and quite representative of the traditional financial thinking limitations.

Indeed, Bitcoin does not pay dividends or generate coupon income—because it is not designed according to traditional financial logic. The value of Bitcoin lies in it being the **first successful decentralized store of value**; it solves the thousand-year-old problem of "how to transfer and protect wealth without trusting a third party." This is not about collectibles, but a redefinition of the essence of money and assets.

Interestingly, the Vanguard's own shift also indicates something: their move from staunch opposition to crypto to opening ETF trading is not just a change in attitude, but a result of **market realities forcing**. When BlackRock's Bitcoin ETF becomes the largest source of revenue, no amount of skepticism can stop users from choosing it.

Regarding allocation, my view has always been: treat Bitcoin as **a hedging tool and long-term growth asset in a diversified portfolio**, rather than a traditional stock substitute relying on cash flow. Its true value will manifest during high inflation, political turmoil, or financial crises. Now is a great time to accumulate and understand it—future belongs to those who understand the decentralized future.