Bitcoin breaks $100,000, Alipay's actions trigger industry discussions

After a series of fluctuations, Bitcoin has finally broken through the $100,000 barrier again. The year-end market is focused on the Federal Reserve's policy direction, and at this time, a piece of news about Alipay has attracted widespread attention in the industry.

Recently, some users reported seeing promotional ads for cryptocurrency funds on the Alipay fund homepage. After investigation, this fund is a QDII fund, with a daily purchase limit of 1000 yuan for each person. Although the promotion mechanism is not yet clear, ads for cryptocurrency funds have indeed appeared on the "Global Investment" interface of some users' Alipay. In addition to this fund, there are other similar crypto-related funds being sold normally on multiple distribution platforms.

This phenomenon has quickly sparked heated discussions in the industry, with many speculating whether it signifies a shift in domestic policy.

In-depth analysis of these funds reveals that they all belong to the QDII (Qualified Domestic Institutional Investor) category. The QDII system allows domestic institutions to invest in overseas capital markets under control, providing domestic investors with a channel to participate indirectly in overseas markets.

Specifically, some QDII funds indirectly hold cryptocurrency-related assets by investing in overseas technology-themed funds. For example, a fund's portfolio includes approximately 4.93% of certain cryptocurrency exchange stocks and 2.98% of Bitcoin ETFs, accounting for a total of about 7.92%.

However, the scale of these funds is relatively limited, and the proportion that actually invests in crypto assets is even smaller. To some extent, these funds are more about marketing by leveraging the hype around crypto assets. Nevertheless, for domestic investors, this does provide a compliant way to indirectly access the cryptocurrency market.

In terms of performance, these types of funds have slightly outperformed the market this year, but there is still a significant gap compared to directly holding Bitcoin. Additionally, these funds have extra management and custody fees, which increase the investment costs.

There are opinions that the promotion of such funds by Alipay may signify a shift in domestic policy. However, given the current regulatory environment, a comprehensive relaxation of cryptocurrency trading seems unlikely. Since the beginning of this year, various regulatory bodies have repeatedly reiterated their cautious stance towards virtual currency trading, and mainstream media also tends to report negatively on crypto assets.

Considering the potential impact of cryptocurrencies on sovereign currencies and the characteristics of decentralized currencies, the possibility of fully liberalizing virtual currency trading is extremely low under the current strict foreign exchange control context. However, a partial lifting of restrictions or allowing a certain degree of indirect investment may be a future development direction.

For ordinary investors, this type of indirect investment method at least provides a relatively safe entry point. As regions like Hong Kong gradually open up cryptocurrency trading, more flexible investment channels suitable for Chinese investors may emerge in the future.