Bitcoin is ready to beat stocks and bonds again after underperformance against Wall Street

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin is ready to beat stocks and bonds again after underperformance against Wall Street Former Credit Suisse global head of portfolio and Risk Dimensions CIO Mark Connors says bitcoin has broken out of its longest stretch of underperformance in history and is ready to beat stocks, bonds, and gold as inflation stubbornly sticks around. By Helene Braun | Edited by Stephen Alpher May 23, 2026, 7:00 p.m. 2 min read Make preferred on (Steven Lelham/Unsplash) What to know : Bitcoin may be entering a new phase of outperformance versus traditional assets after ending its longest-ever stretch of underperformance against the S&P500 in early May, according to investor Mark Connors. Connors argues that persistent inflation, structurally high oil prices and a “higher-for-longer” interest-rate environment are pressuring bonds and could favor bitcoin over both equities and fixed income. He says investors are shifting from gold to bitcoin and contends that advances in technology, particularly AI and blockchain, are key to countering inflationary pressures. Bitcoin BTC $ 75,784.98 may be entering a new period of outperformance against traditional assets as inflation pressures persist and bond markets weaken, according to Risk Dimensions chief investment officer Mark Connors. 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. “Bitcoin, as it always does, takes it on the chin early, but then it always comes out first,” he said, adding that bitcoin could continue outperforming both equities and fixed income “as we grind through the straits of poor news and oil persistently being high.” Connors tied much of the current macro environment to persistent geopolitical tensions and elevated energy prices. Oil has remained structurally high this year, he said, fueling inflation concerns while forcing markets to look toward technology and productivity gains as a counterweight. He argued that AI and blockchain are becoming increasingly linked as businesses look for decentralized systems to support machine-driven transactions and automation. “The only way to punch through that inflationary pressure is through technology,” Connors said. He also pointed to shifting investor preferences between gold and bitcoin. Connors compared the current environment to 2020, when gold initially outperformed during the early stages of the pandemic before bitcoin began a strong resurgence. “Gold has had its run,” he said. “Bitcoin is now on its resurgence.” Bitcoin News More For You Crypto trader sees Hyperliquid, AI tokens leading next altcoin rally By AI Boost | Edited by Jennifer Sanasie 4 hours ago Hyperliquid’s surge and renewed interest in AI-focused crypto projects are signaling a broader return of risk appetite in altcoins, says Michael van de Poppe. Read full story Latest Crypto News Crypto trader sees Hyperliquid, AI tokens leading next altcoin rally 4 hours ago Clarity Act could spark a boom in crypto ‘yield-as-a-service’ 6 hours ago Bitcoin tanks to $74,300 as spot ETFs bleed $2.26 billion in two weeks 8 hours ago F2Pool founder who controls 11% of bitcoin's hashrate to lead first SpaceX mission to Mars 23 hours ago Robinhood Crypto COO Tanya Denisova is leaving company amid revenue slowdown 23 hours ago SEC Commissioner Peirce counters views that crypto rule will foster synthetic tokens May 22, 2026 Top Stories Why Minnesota is empowering local banks to fight Wall Street for crypto revenue May 22, 2026 Trump Media moved but 'did not sell' $205 million in bitcoin amid rising losses on crypto bets May 22, 2026 Congress hits Polymarket and Kalshi with a massive insider trading probe May 22, 2026 Bitcoin implied volatility drops to 7 month low despite macro risks May 22, 2026 In this article BTC BTC $ 75,784.98 ◢ 0.88 %