PANews reported on June 4 that according to The Block, Bitwise Chief Investment Officer Matt Hougan suggested that investors rethink the role of Bitcoin in traditional investment portfolios. He pointed out that although Bitcoin has high volatility (3-4 times that of the S&P 500 index), due to its low correlation with stocks and bonds, adding 5% Bitcoin to the traditional 60/40 stock and bond portfolio (2017-2024) can increase total returns from 107% to 207%, while volatility only slightly increased from 11.3% to 12.5%. Hougan emphasized that Bitcoin should not be allocated in isolation, but should be adjusted in combination with the overall risk budget - for example, while allocating 5% Bitcoin, increasing holdings of 5% short-term government bonds can theoretically reduce equity risk. Historical data shows that a combination of reducing the equity ratio to 40%, increasing bonds to 50%, and allocating 10% Bitcoin can achieve higher returns and lower risks. But he also reminded that Bitcoin's early returns may not be sustainable and future performance may be different.