Standard Chartered Analyst: Investors should view Bitcoin as a tech stock, not a traditional market hedge tool

ChainCatcher reports, according to Decrypt, Standard Chartered Bank analyst Geoff Kendrick suggests that given the high correlation between Bitcoin prices and the Nasdaq index, investors should consider it as a tech stock rather than a tool to hedge 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, Mag7 refers to tech giants Apple, Microsoft, Nvidia, Amazon, Alphabet (Google), Meta (Facebook), and Tesla. He concluded that traders who did this in 2017 would now see returns of up to 5%.