While bitcoin (BTC) proponents commonly view the largest cryptocurrency as a digital version of gold, a new report from global bank Standard Chartered argued investors should see it more like a tech stock with some extra benefits.
Led by Geoff Kendrick, the StanChart team said bitcoin’s correlation with the Nasdaq has „almost always” been stronger than with gold, the old-school safe haven asset. While BTC may have a role as a place to hide in instances of financial instability like the 2023 regional banking crisis or what might be the unsustainable U.S. debt trajectory, the report said, the reality is that there’s rarely a need for such hedges, thus its increasing behavior as more like a traditional tech stock.
„Investors can view BTC as both a hedge against traditional finance and as part of their tech allocation,” said Kendrick. But, at least „in the short term, BTC may be better viewed as a tech stock than as a hedge against TradFi issues,” he added.
Playing with the idea of bitc
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