Bitcoin's Record 142-Day S&P 500 Underperformance Ends
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- Mark Connors, Risk Dimensions CIO and former Credit Suisse global head of portfolio management, said Bitcoin's 142-day underperformance streak against the S&P 500 — the longest in its history — ended in early May.
- Connors told CoinDesk Bitcoin has moved from consolidation into an "outperformance phase" and could beat stocks, bonds, and gold going forward: "Bitcoin, as it always does, takes it on the chin early, but then it always comes out first."
- Connors ties the thesis to a "higher-for-longer" rate environment, structurally high oil prices, and persistent inflation, arguing bonds — traditionally defensive — are now under pressure as markets adjust.
- Connors says investors are rotating from gold into Bitcoin, drawing a parallel to 2020 when gold initially led before Bitcoin surged: "Gold has had its run. Bitcoin is now on its resurgence."
- Connors argues AI and blockchain are increasingly linked, with decentralized systems supporting machine-driven transactions, and frames technology as "the only way to punch through" inflationary pressure.
Why it matters: For allocators weighing Bitcoin versus traditional assets, Connors reframes the record 142-day underperformance as a turning point rather than a breakdown. His explicit thesis: Bitcoin beats both equities and bonds simultaneously in a "higher-for-longer" world, undermining 60/40 logic where fixed income hedges equity risk.
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