Standard Chartered Bank analyst: Investors should view Bitcoin as a technology stock rather than a tool to hedge against traditional market volatility

According to Decrypt, Standard Chartered Bank analyst Geoff Kendrick stated that given the high correlation between Bitcoin prices and the Nasdaq index, investors should view it as a technology 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 and replaces Tesla with Bitcoin. Usually, Mag7 refers to tech giants such as Apple and Microsoft Nvidia、 Amazon, Alphabet, Meta, and Tesla. He concluded that traders who did this in 2017 will now earn a return of 5%.