Bitcoin has underperformed this year, falling behind both gold and the tech-focused Nasdaq 100 stock index, even with predictions suggesting it would gain from fiat currency devaluation.
However, a VanEck manager believes the largest cryptocurrency may be poised for a significant rebound next year.
“Bitcoin is trailing the Nasdaq 100 Index by about 50% year-to-date, and this divergence is positioning it to be a leading performer in 2026,” stated David Schassler, head of multi-asset solutions at VanEck, in the firm’s recent 2026 outlook.
This year’s downturn reflects a decreasing risk appetite and constrained liquidity, but Schassler maintains that the outlook for bitcoin is still strong. “As currency devaluation increases and liquidity returns, BTC typically reacts sharply,” he noted.
“We have been investing,” he commented.
Schassler’s broader argument revolves around a potent mix of monetary devaluation, technological advancements, and the increasing appeal of tangible assets. The asset manager asserts that addressing future obligations and political aspirations will increasingly depend on money creation, driving investors towards limited-value assets like gold and bitcoin.
He anticipates that gold will climb next year to $5,000, extending its impressive gains of over 10% from current levels. “Gold has been one of the standout major assets this year, and we expect that upward trend to persist,” he remarked. The yellow metal has surged over 70% this year, currently trading at approximately $4,492 per ounce.
Simultaneously, a quiet bull market in natural resources is emerging, driven by the infrastructure needs of artificial intelligence, energy shifts, robotics, and re-industrialization. These “traditional assets,” as Schassler described, are laying the groundwork for the future economy.
Read more: Gold, silver shine in debasement trade as bitcoin is left behind
