Bitcoin突破100,000美元大关，支付宝惊现encryption基金广告

Recently, the Bitcoin market has experienced significant volatility, finally returning above $100,000 after several price fluctuations. As the year-end market refocuses on Federal Reserve policies, the market eagerly anticipates. However, a news item about Alipay promoting encryption currency funds has caused a stir in the industry.

According to reports, some users in mainland China have seen promotional advertisements for cryptocurrency funds on the homepage of Alipay's fund section, stating "Global investment, cryptocurrency skyrocketing, start investing from 10 yuan, get on board immediately." Upon verification, the fund is Huabao Overseas Technology C (QDII-FOF-LOF), with a daily purchase limit of 1000 yuan per person.

Although not all users can see this advertisement, recommendations for encryption funds do appear in the "Global Investment" interface for certain users. In addition to Hua Bao Overseas Technology C, there are similar products such as Guo Fu Global Technology Internet Mixed (QDII). This phenomenon has quickly sparked heated discussions within the industry, with many speculating that it may signal a relaxation of the mainland's cryptocurrency policies.

In-depth analysis reveals that these two funds fall under the category of QDII (Qualified Domestic Institutional Investor). The QDII system allows domestic institutions to invest in overseas capital markets under certain conditions, providing domestic investors with a channel to indirectly participate in foreign markets. Huabao Overseas Technology C, as an exchange-traded open-end fund, primarily invests in overseas funds.

According to the Q3 2024 report of the Huabao Overseas Technology Stock Securities Investment Fund (QDII-LOF), the fund invests 87.5% in other funds, most of which are ARK ETFs, indirectly holding Coinbase stocks and Bitcoin ETFs. However, the actual proportion of investment in encryption assets is not high, accounting for only about 7.92% of the total assets.

In the investment portfolio of the National Wealth Global Technology Internet Hybrid (QDII), no significant blockchain-related holdings have been found at present. This indicates that although these funds use cryptocurrency as a selling point, the actual investment proportion is not significant.

In terms of performance, Huabao Overseas Technology C has seen a net value growth of 25.02% this year, outperforming the CSI 300 index. However, there is still a significant gap in returns compared to directly holding Bitcoin. For domestic investors, these funds provide a compliant channel to indirectly participate in the encryption currency market, although the investment ratio is limited.

However, whether this phenomenon means that mainland China is about to relax its encryption currency policy remains questionable. Although the trend of Bitcoin's mainstream acceptance is evident globally, from the current regulatory stance in China, a comprehensive relaxation of encryption currency trading still faces numerous challenges. Since the beginning of this year, regulatory agencies in multiple regions have continuously issued risk warnings, reiterating their strict stance on the control of virtual currency trading.

Mainstream media remains relatively cautious about encryption assets, emphasizing their potential risks. Considering the potential impact of cryptocurrencies on sovereign currencies and the regulatory challenges brought by decentralization, the likelihood of China fully relaxing its virtual currency policies in the short term is low.

Nevertheless, with the development of the global encryption market, particularly the changes in the regulatory environment in Hong Kong, more flexible investment channels suitable for Chinese investors may emerge in the future. For investors with insufficient knowledge of virtual currency, indirect investment through funds may be a relatively safe way to participate.