

Bitcoin (BTC) may be evolving into more than just a hedge against financial instability — it could now be considered a bona fide tech stock, according to a new analysis
Standard Chartered researchers have integrated Bitcoin (BTC) into the Magnificent 7 tech stock index, suggesting it enhances returns and minimizes risk compared to the original index.
The analysis, authored by Geoffrey Kendrick, head of digital assets research at Standard Chartered, focuses on modifying the familiar Magnificent 7 index, typically composed of tech giants like Apple, Microsoft, and Nvidia.
The researchers decided to substitute the smallest member of the Magnificent 7, Tesla, with Bitcoin, creating the ‘Mag 7B’ index. Over the period of 2020 to 2024, they found that the modified index consistently outperformed the original Magnificent 7 in terms of return-to-volatility.
“We find that our index, ‘Mag 7B’, has both higher returns and lower volatility than Mag 7. This suggests that investors can view BTC as both a hedge against TradFi and as part of their tech allocation,” the researchers stated in a research report.
As Bitcoin's role in global investor portfolios becomes more established, they believe that having more than one use will bring fresh capital inflows to the asset.
This is especially true as Bitcoin investment becomes more institutionalised. According to the report: “We also note that US-listed Bitcoin futures and ETCs have seen material institutional outflows in recent months, in stark contrast to the sustained inflows into the new spot Bitcoin ETF since its launch in early December.”
Over the medium term, the researchers see Bitcoin as a hedge against traditional finance (TradFi) issues, such as the March 2023 collapse of Silicon Valley Bank, which they claim had a greater impact on the Magnificent 7 than on the Magnificent 7B index.
However, over shorter time horizons, they assert that Bitcoin trades very much like the Nasdaq.
“It keeps getting battered as the apex currency is now highly correlated to high-growth tech assets, especially over shorter time horizons. In the shorter term, we prefer to look at the Nasdaq as a correlation for Bitcoin, especially given the recent poor performance of the US equity market, which we attribute to anticipation of the April tariff news,” the researchers explained.
The report highlights that the first quarter of 2025 for the Nasdaq was its worst since the second quarter of 2022, which could benefit Bitcoin disproportionately given its increasing alignment with high-growth tech assets.
Moreover, the anticipated relief from April tariff news and broader tech optimism could amplify demand for Bitcoin.
“I would expect this week to be a good one for Bitcoin and all things crypto. Less bad US tariff news should equal good markets and potentially a market response to the fact that 1Q25 was the worst for the Nasdaq since 2Q22, which should benefit Bitcoin massively as it’s now very much a tech asset,” the researchers conclude.
However, Standard Chartered continues to believe that Bitcoin needs a bigger catalyst for a more sustained rally to new highs.
Kendrick’s analysis signals a growing recognition of Bitcoin’s hybrid nature — both a hedge and a high-beta tech asset — positioning it as a potential long-term fixture in global investment strategies.
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