Standard Chartered: Bitcoin is just a tech stock, not 'digital gold'

Global bank Standard Chartered has analyzed that Bitcoin is more like a technology stock than "digital gold."
On the 24th (local time), Standard Chartered released a report detailing the recent
He pointed out that the movement is closely linked not to gold but to the Nasdaq (mainly tech and IT related stocks).
Bitcoin also showed a closer correlation with the Nasdaq than gold, and investors were keen to buy Bitcoin.
He advised that looking at Bitcoin as another large tech stock would help investors. The correlation between the Nasdaq and Bitcoin was close to 0.8 earlier this year. It now sits at around 0.5.
In comparison, its correlation with gold is close to zero. Bitcoin was initially perceived as "digital gold" and was seen as a hedge against the risks of the traditional financial sector.
However, it is now considered a technology stock. Bitcoin is a technology stock with a market capitalization of $1.7179 trillion, while Ethereum, the second largest by market capitalization, has a market capitalization of
Jeff Kendrick, global head of digital asset research at Standard Chartered, said, "Crypto assets such as Bitcoin are at risk.
"It's being treated as another tech stock, not a way around it," he said. "If you go into it with that mindset, it will be easier to invest."