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Bitcoin is ready to beat stocks and bonds again after underperformance against Wall Street
Key takeaways
- “I think bitcoin’s underperformance versus markets is over,” Connors said in an interview. “It’s in the consolidation phase [that] has shifted into an outperformance phase.”
- The shift comes as investors grapple with stubborn inflation, rising oil prices and uncertainty around interest rates.
- Connors tied much of the current macro environment to persistent geopolitical tensions and elevated energy prices.
Connors, who spent years as the global head of portfolio management at Credit Suisse, said bitcoin recently broke out of what had been its longest stretch of underperformance against the S&P 500 in history, a 142-day period that ended in early May.
“I think bitcoin’s underperformance versus markets is over,” Connors said in an interview. “It’s in the consolidation phase [that] has shifted into an outperformance phase.”
The shift comes as investors grapple with stubborn inflation, rising oil prices and uncertainty around interest rates. Connors argued that bonds, traditionally viewed as defensive assets, are increasingly under pressure as markets adjust to a “higher-for-longer” rate environment.
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