Standard Chartered Bank: If Bitcoin is included in the tech stock portfolio, it will attract more institutional investors to purchase

According to The Block, Standard Chartered Bank has introduced a hypothetical "Mag 7B" index, replacing Tesla with Bitcoin (BTC) in the "Magnificent 7" tech stock portfolio and found that this new combination yields higher returns and lower volatility. Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, pointed out in his report that Bitcoin's correlation with Nasdaq is "almost always" higher than its correlation with gold in the short term, providing a basis for considering Bitcoin as part of tech stocks. He stated: “If Bitcoin is included in the tech stock portfolio, it will attract more institutional investors to buy because Bitcoin can play multiple roles in the investment portfolio.”