Bitcoin (CRYPTO: BTC) is increasingly demonstrating a dual identity—mirroring the performance of high-growth tech stocks while simultaneously acting as a hedge against broader financial uncertainty, according to Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered.
In a market note shared with Benzinga on Friday, Kendrick highlighted recent trading behavior that shows Bitcoin aligning with top technology stocks, particularly Microsoft (NASDAQ:MSFT), while also offering protection during macroeconomic stress.
"Bitcoin is proving itself to be the best of tech—upside when stocks go up—and a hedge in multiple scenarios," he wrote.
Kendrick pointed to the price action over the past 36 hours, noting that both Microsoft and Bitcoin led gains across major assets.
"Strongest performers were MSFT and BTC. Same again so far today in BTC spot and tech futures," he said.
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He also emphasized that Bitcoin's resilience isn't limited to bullish equity environments.
Citing examples such as the March 2023 collapse of Silicon Valley Bank, Kendrick said Bitcoin has shown its utility as a hedge in times of traditional finance instability.
More recently, he added, it appears to be responding to concerns around "U.S. isolation," suggesting geopolitical developments are reinforcing Bitcoin's appeal as a globally accessible, non-sovereign asset.
Currently trading just below a key technical level, Kendrick said a breakout above $85,000 is likely following the latest payroll data, potentially setting the stage for a return to the $88,500 range seen before this week's tariff-driven volatility.
"A break back above the critical $85,000 level looks likely today, post payrolls," he noted.
The comments come as Bitcoin continues to outperform other asset classes in 2025, driven by growing institutional participation, macro uncertainty, and a shifting regulatory climate in the U.S.
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