PANews reported on April 2nd that according to BeInCrypto, Geoff Kendrick, the digital asset research head at Standard Chartered Bank, stated in an interview that the trend of Bitcoin as an inflation hedge tool is strengthening. Kendrick pointed out that Bitcoin is highly correlated with the Nasdaq index in the short term.

He claimed that Bitcoin might not just be an inflation hedge tool, but more like an alternative tech stock: "Instead of viewing Bitcoin as a hedge against traditional financial (TradFi) issues, it's better to view it as a tech stock. If we create a hypothetical index by adding Bitcoin to the 'Seven Giants' tech stocks and removing Tesla, we would find that our 'Mag 7B' index not only has a higher return rate but also lower volatility."