On March 25, according to CNBC, Standard Chartered Bank stated that Bitcoin's correlation with Nasdaq is usually higher than its correlation with gold, and investors can view Bitcoin as a large-cap tech stock to benefit.

According to the bank's data, Bitcoin's current correlation with Nasdaq is around 0.5, which was close to 0.8 earlier this year. Meanwhile, Bitcoin's correlation with gold has continued to decline since January, once reaching zero and currently slightly above 0.2.

"Bitcoin trading has a high correlation with Nasdaq in the short term," said Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, in a report on Monday. "This correlation suggests that Bitcoin can be included in a large-cap tech stock basket. By doing so, Bitcoin would play multiple roles in investors' portfolios, thereby driving more institutional buying."

Bitcoin is typically viewed as "digital gold" and a hedge against traditional financial system risks. Kendrick stated that he still believes Bitcoin can serve this purpose, but "in reality, the demand for such hedging tools is extremely rare."

Standard Chartered Bank created a hypothetical index called "Mag 7B", which adds Bitcoin to the "Magnificent 7" tech stocks (Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla), excluding Tesla.

"Since December 2017, Mag 7B has outperformed Mag 7 by about 5%," Kendrick said. "Calculated by calendar year, Mag 7B outperformed Mag 7 in five of the past seven years, although the advantage in 2022 was minimal. In terms of absolute returns (averaging about 1% higher than Mag 7 annually), and by calendar year, Mag 7B has performed well relatively."