CoinDesk
Mark Connors, former global head of portfolio management at Credit Suisse and current CIO at Risk Dimensions, says bitcoin has just snapped its longest-ever stretch of underperformance against the S&P 500 — a 142-day run that ended in early May. His call: the consolidation phase is over and outperformance has begun.
Connors pins the macro thesis on three structural forces — persistent inflation, structurally elevated oil prices, and a higher-for-longer rate environment — that he argues are quietly hollowing out the case for both equities and fixed income. Bonds, traditionally the defensive anchor, face the sharpest squeeze. "Bitcoin, as it always does, takes it on the chin early, but then it always comes out first," he said.
He draws a direct parallel to 2020: gold led early, then bitcoin surged. "Gold has had its run.
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