Bitcoin is down around 7% this year while the Nasdaq has gained 14%, a divergence macro investor Dave Weisberger described as a healthy setup during The Wolf of All Streets Macro Monday panel. He said the underperformance distinguishes long-term holders betting on dollar depreciation from short-term speculators, and expects Bitcoin to outperform once that cycle turns. Bitcoin remains roughly 40% below its $126,000 all-time high. Bloomberg macro strategist Mike McGlone countered that Bitcoin’s performance relative to the Nasdaq total return is similar to 2017 levels, despite two to three times the volatility, making it a weaker risk-adjusted investment than Nasdaq stocks. He also noted that Bitcoin’s 200-day moving average has fallen below the State Street SPDR S&P 500, or SPY, for only the second time since 2022. Weisberger said that view overlooks rising adoption metrics and placed Bitcoin’s fair value between $105,000 and $155,000. Academy Securities’ Peter Tchir said Democrats’ changed stance after the Clarity Act failed could give the SEC (U.S. securities regulator) and CFTC (U.S. derivatives regulator) more room to advance crypto rulemaking independently over the next two years, including rules affecting Bitcoin’s use as collateral. Tchir is adding to his Bitcoin position and expects a move back toward $100,000, citing interest in agentic AI and its potential use of crypto payment rails. McGlone continues to favor shorting Bitcoin rallies, viewing the asset as a risk proxy linked to stocks rather than an independent store of value.