Bitcoin is poised to outperform stocks and bonds, but this statement has been heard on Wall Street for over a year.

Former Credit Suisse Global Portfolio Manager Mark Connors says Bitcoin has shaken off its longest period of underperformance in history and is ready to lead gold and bonds. The reason? Persistent inflation and the need for new hedging tools.
In recent months, Bitcoin has indeed underperformed the Nasdaq and S&P, ETF outflows have continued, and retail investor sentiment is low. But it is precisely this "forgotten" state that often opens a window for large funds to reposition.
Connors' logic is: traditional asset pricing has fully reflected rate cut expectations, while Bitcoin's volatility is at a low, with implied volatility hitting a 7-month low—derivatives markets are de-leveraging, not panicking. Once the macro narrative shifts from "soft landing" to "sticky inflation," Bitcoin's scarcity narrative will be re-priced.
On the flip side, if U.S. stocks continue to hit new highs and the dollar strengthens, Bitcoin's rebound may just be short covering. The real test is: is this outperformance a trend reversal or just another false breakout?
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