Bitcoin's Role as Inflation Hedge Gains Momentum, Expert Suggests Tech Stock Comparison

According to PANews, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered Bank, highlighted the growing trend of Bitcoin as a tool for hedging against inflation during a recent interview. Kendrick noted that Bitcoin has shown a strong correlation with the Nasdaq Index in the short term. He suggested that Bitcoin might serve as more than just an inflation hedge, proposing it as an alternative to tech stocks. Kendrick stated, "Rather than viewing Bitcoin as a hedge against traditional finance (TradFi) issues, it might be better seen as a tech stock. If we create a hypothetical index by adding Bitcoin to the 'Magnificent Seven' tech stocks and removing Tesla, we find that our 'Mag 7B' index not only offers higher returns but also exhibits lower volatility."