PANews reported on March 24 that according to Decrypt, Standard Chartered Bank analyst Geoff Kendrick said that given the high correlation between Bitcoin prices and the Nasdaq index, investors would be better off viewing it as a technology stock rather than a tool to hedge against traditional market fluctuations. Kendrick created a hypothetical "Mag 7B" index, a derivative of the Magnificent 7 index that replaces Tesla with Bitcoin. Typically, Mag7 refers to technology giants Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta and Tesla. He concluded that traders who did this in 2017 would now have a 5% gain.