（English Version Below）
零售投资者一直期望机构资金能够推动加密货币市场，而事实上的确有越来越多的机构或者跨国公司正在推动区块链领域，但他们是在直接开发区块链技术或是投资区块链相关的科技公司，而这类型的合作/投资基本上不会直接带动加密货币市场。我也能很肯定的告诉你，机构基于以下的原因基本上短期内不会进入加密货币市场的。
- 首先，我其实认为机构投资者迟早都会进入加密货币市场，但现在肯定不会。老实说，加密货币行业现在距离完全发展还有很远距离，引用 Pantera 的 Dan Morehead 所说的话就是 “机构要进入加密货币非常麻烦。”除非机构级托管人成熟起来，否则我们不会看到大量资金涌入市场。
- 机构是非常保守的。机构宁愿在较低波动的情况下赚取较少的收益，都不想在大幅波动中冒风险而亏损。加密货币市场价格出大起大落，大多机构因此不会加入这个市场。
- 坦白讲，加密货币市场太小了。以一个 10 亿美元的对冲基金为例，如果这一只基金进入加密货币市场，那除了持有 bitcoin 之外，根本什么交易都做不了。除非市场深度足够，否则不要期待有大量机构资金直接进入加密货币市场。
因此大家可以不需要太期待机构会入场带动价格，我敢打赌在一到两年时间里面，这个情况是不会发生的。
~向全球第一只区块链基金致敬~
Retail investors have been expecting institutional money to spike the cryptocurrency market. In fact, there are more and more institutions or MNCs are work with the Blockchain space but on developing the blockchain technology itself or through holding equities of blockchain related companies. I will say there will be hardly any upsurge being triggered in the crypto market directly from these factors and I can assure you institutions will not enter the cryptocurreny market shortly under below reasons:
- Institutions will join in the blockchain market sooner or later, but not now. The industry to be honest is far from being developed and quoting what Pantera’s Dan Morehead said,”it is quite clunky for the institutions to step in.” So unless institutional grade custodians are well established, we won’t see massive influx of money into the market.
- Institutions are conservative. This is a fact, institutions prone to earn less in lower volatility rather than losing money in large volatility. With the cryptocurrency market exhibiting large ups and downs, it is highly unlikely for the institutions to join in.
- To be frank, cryptocurrency market is too small. Let’s take a typical 1 billion hedge fund as an example, they can trade almost nothing unless holding bitcoin, let alone saying those multi-billion funds/institutions. So unless the market size is large enough, don’t expect institutions will put in money in the cryptocurrency market.
So guys, stop day-dreaming about institutions pushing cryptocurreny market price further. I am pretty sure you will not able to see that happen in 1–2 years time.
PS: Just in case someone confused, blockchain industry doesn’t mean cryptocurrency market. There are also more reasons but forgive my laziness.
~Pay tribute to the world’s first blockchain fund with their office wallpaper featured. ~