Bitcoin's Correlation with Nasdaq Suggests Tech Stock Classification

AI Summary

According to Odaily, Standard Chartered analyst Geoff Kendrick suggests that Bitcoin should be viewed as a tech stock due to its strong correlation with the Nasdaq index, rather than as a tool for hedging against traditional market volatility. Kendrick developed a hypothetical 'Mag 7B' index, a derivative of the Magnificent 7 index, substituting Bitcoin for Tesla. Typically, the Mag 7 refers to tech giants Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta, and Tesla. He concluded that traders who adopted this strategy in 2017 would now see a 5% return.