Standard Chartered Analyst: Investors Should View Bitcoin as a Tech Stock, Not a Traditional Market Hedge Tool

ChainCatcher news, according to Decrypt, Standard Chartered analyst Geoff Kendrick stated that given the high correlation between Bitcoin prices and the Nasdaq index, investors would be better off viewing it as a tech stock rather than a tool for hedging against traditional market volatility.

Kendrick created a hypothetical "Mag 7B" index, which is a derivative of the Magnificent 7 index, replacing Tesla with Bitcoin. Typically, the Mag7 refers to tech giants Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta, and Tesla. He concluded that traders who made this move in 2017 would now see a return of 5%.