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Standard Chartered Swaps Tesla for Bitcoin in ‘Mag 7B’—Outperforms Original Index
In a surprising move, Standard Chartered has announced it is swapping out Tesla for Bitcoin in its new “Magnificent 7” (Mag 7B) index. This bold decision appears to have paid off, as Mag 7B has outperformed the original index by a significant margin.
According to reports, this innovative approach marks a major shift in the traditional investment landscape, as it is the first time a major financial institution has chosen Bitcoin over Tesla. The bank’s global head of digital assets research, Geoffrey Kendrick, explained that Bitcoin brings a stronger risk-reward balance to the mix, aligning better with the Nasdaq than gold.
While some may be surprised by this development, it appears that the data is on the side of Bitcoin. Since December 2017, Mag 7B has delivered higher returns and lower volatility than its predecessor. In fact, annual returns have been stronger in five out of the past seven years. Moreover, the new index was nearly 2% less volatile, making it a more stable choice than Tesla.
The move is not without controversy, however. Some experts are questioning whether Bitcoin truly belongs alongside giants like Apple and Microsoft. Others argue that this bold decision will have significant implications for institutional portfolios.
What do you think about Standard Chartered’s decision to swap Tesla for Bitcoin?
Source: https://coinpedia.org/news/standard-chartered-swaps-tesla-for-bitcoin-in-mag-7b-outperforms-original-index/
