Bitcoin has disappointed investors this year, lagging both gold and the tech-heavy Nasdaq 100 stock index despite expectations that it would benefit from a devaluation of fiat currency.
But according to a VanEck official, the largest crypto asset could make a major comeback next year.
“Bitcoin is lagging the Nasdaq 100 Index by about 50% year to date, and this dislocation puts it among the top performers in 2026,” David Schassler, head of multi-asset solutions at VanEck, said in the company’s recently released 2026 outlook.
Even though this year’s weakness reflects lower risk appetite and tighter liquidity, the thesis in bitcoin’s favor remains intact, Schassler wrote. “Like degradation [currency devaluation] ramps, liquidity returns and BTC historically reacts strongly,” he added.
“We bought,” he said.
Schassler’s broader thesis focuses on a powerful combination of currency devaluation, technological transformation, and the rise of hard assets. The asset manager says funding future commitments and political ambitions will increasingly rely on money printing, pushing investors toward scarce stores of value, such as gold and bitcoin.
He expects gold to climb to $5,000 next year, extending its already impressive run by just over 10% from current levels. “Gold is one of the strongest major assets this year, and we hope this momentum continues,” he said. The yellow metal is up more than 70% this year and is currently trading around $4,492 an ounce.
At the same time, a quiet bull market in natural resources is underway, fueled by infrastructure demands related to artificial intelligence, energy transitions, robotics and reindustrialization. These “old world assets,” as Schassler put it, lay the foundation for the new global economy.
Read more: Gold and silver shine in debasement trade as bitcoin gets left behind
