bitcoin has disappointed investors this year, lagging both gold and the tech-heavy Nasdaq 100 stock index, despite expectations that it would benefit from the devaluation of the fiat currency.
But according to a VanEck manager, the biggest crypto asset could be gearing up for a major comeback next year.
“Bitcoin is lagging the Nasdaq 100 Index by about 50% so far this year, and that dislocation is setting it up to outperform in 2026,” David Schassler, head of multi-asset solutions at VanEck, said in the firm’s recently released 2026 outlook.
While this year’s weakness reflects lower risk appetite and tight liquidity, the bitcoin thesis remains intact, Schassler wrote. “As degradation [currency devaluation] ramps, liquidity returns and BTC historically responds sharply,” he added.
“We’ve been shopping,” he said.
Schassler’s broader thesis centers on a powerful combination of monetary debasement, technological transformation, and the rise of hard assets. The asset manager argues that funding future obligations and political ambitions will increasingly rely on money printing, pushing investors toward scarce stores of value such as gold and bitcoin.
Expect gold to rise 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 expect that momentum to carry it forward,” 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, driven by the infrastructure demands of artificial intelligence, energy transitions, robotics and reindustrialization. These “old world assets,” as Schassler put it, are laying the foundation for the new global economy.
Read more: Gold and silver shine in debasement trade as bitcoin lags behind
