PANews reported on April 2 that according to BeInCrypto, Geoff Kendrick, head of digital asset research at Standard Chartered Bank, said in an interview that the trend of Bitcoin as an inflation hedging tool is strengthening. Kendrick pointed out that Bitcoin and the Nasdaq index are highly correlated in the short term.

He claims that Bitcoin may be more of an alternative tech stock than an inflation hedge: “Rather than thinking of Bitcoin as a hedge against problems in traditional finance (TradFi), it is better to think of it as a tech stock. If we create a hypothetical index, add Bitcoin to the ‘Big Seven’ tech stocks, and remove Tesla, we will find that our ‘Big Seven + Bitcoin’ (Mag 7B) index not only has higher returns, but also lower volatility.”