Standard Chartered analyst: Investors can view BTC as a technology stock rather than a traditional market hedging tool

Odaily News Standard Chartered analyst Geoff Kendrick said 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 hedge against traditional market volatility. Kendrick created a hypothetical "Mag 7B" index, a derivative of the Magnificent 7 index that replaces Tesla with Bitcoin. Typically, Mag7 refers to tech giants Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta and Tesla. He concluded that traders who did this in 2017 would now have a 5% return. (Decrypt)